Pelamis Wave Power Ltd. has stated it is looking for “teens of millions of pounds” of investments to increase production, reports Bloomberg.
Chief Executive Officer, Per Hornung Pedersen, explained the money necessary for expanding the Pelamis’s factory in Leith Docks, Edinburgh, is the type of injection that would be required from an industrial partner, adding that Pelamis expects to reach an agreement with such a partner this year.
“We are using offshore wind as the target: That’s what we think we need to be competitive with,” Pedersen said. “Where offshore wind is in 2020, we expect to be competitive with.”
Pedersen also stressed the search for an industrial partner is “progressing well” without providing any additional details. An investment in the “teens” of 13 million to 19 million pounds equals $21 million to $30 million.
Pelamis founder and director, Richard Yemm, said Pelamis is now pursuing efforts to advance the tests with the three utilities in order to deliver three 10-megawatt projects in 3-4 years. This concept would involve about 40 Pelamis devices. That will give the company a chance to hone a technology that’s still “immature,” he stressed.
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Offshore WIND staff, March 21, 2012; Image: pelamiswave