Funding Wave Power | Green Energy News

May 19, 2002 – Vol.7 No.8

FUNDING WAVE POWER.

The U.K. Government has pledged up to GBP 2.3 million ($3.36 million) to Inverness, Scotland-based Wavegen to help fund three wave generation power plants in shallow waters off the Western Isles. To complete the funding process the U.K. Department of Trade and Industry (DTI) must agree with the viability of Wavegen’s technology.

Wavegen uses the oscillating motion of waves to compress air in a column. The flow of air in the column causes a turbine to rotate which, connected to a generator, produces electricity for distribution to the power grid.

Wavegen has already received GBP 1.67 million ($2.43 million) from the U.K. Government and has secured another GBP 5 million ($7.3 million) in financing from Merrill Lynch New Technology. Visit Wavegen at http://www.wavegen.co.uk/ .