ABB invests in renewable energy company with focus on wave energy

Sept. 23, 2011
ABB, Zurich, Switzerland, announced an investment of about $13 million in Aquamarine Power, of Scotland, a company that has developed technology to convert energy captured from waves near shore into clean, usable electricity. ABB Technology Ventures, ...

ABB, Zurich, Switzerland, announced an investment of about $13 million in Aquamarine Power, of Scotland, a company that has developed technology to convert energy captured from waves near shore into clean, usable electricity. ABB Technology Ventures, the company’s venture capital arm, made the investment in a funding round that also included a $4.8 million investment from SSE Venture Capital, the venture capital unit of Scottish and Southern Energy, and other investors. The investment gives ABB access to another renewable energy technology, and provides an entry into the emerging marine energy market, where ABB has considerable pull-through sales potential for its power systems, power electronics and medium-voltage drives.