12.08.10: Hammerfest Strøm announces significant strategic investment
Hammerfest Strøm is one of the world’s leading tidal turbine developers and the company’s tidal technology has been thoroughly tested since the company installed and connected the world’s first tidal turbine to the national grid in Norway in 2004. The proceeds from this funding round will among others finance the construction of the company’s HS1000 1MW tidal stream turbine and its deployment at the EMEC test centre in 2011.
"We are very pleased to have a strong industrial player like Andritz Hydro as a new shareholder who will ensure the further technological, industrial and commercial development of Hammerfest Strøm"; - said Hammerfest Strøm’s CEO Stein Atle Andersen.
The lead investor is Andritz Hydro of Austria, a world leader in the supply of turnkey plants, rehabilitation and upgrading of existing plants and related services for the hydropower industry through global R&D, manufacturing and sales capabilities. The company sees tidal power as an important area for extending its renewable energy business. Andritz Hydro will offer strong technical support for the HS1000 project as well as playing an active role in the future development of Hammerfest Strøm.
"We see tidal power as an emerging growth opportunity and regard Hammerfest Strøm to be one of the technology leaders in this field"; - said Harald Heber, Managing Director of Andritz Hydro.
Hammerfest Strøm aims to deliver several tidal power arrays in the UK and is already working with ScottishPower Renewables on the recently submitted plans for a 10MW tidal project in the Sound of Islay.
ScottishPower Renewables’ CEO Keith Anderson said: "We welcome this significant investment by Andritz Hydro, which reinforces our belief that the tidal power technology being developed by Hammerfest Strøm is the most advanced in the market. Within the next year we will be installing a test device in Orkney, which will be followed by the world’s first tidal array project in the Sound of Islay."
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