Oceanlinx, a company aiming to take part in the wave power scheme off Cornwall’s northern coast, announced they would float on London’s junior stock market Aim.
The company is attempting to raise £35 million for generators and R&D. The Australian company has built one generator near New South Wales, which now supplies power to a local energy firm. Two US wave power companies have already gone public on Aim.
The company’s so-called “Wave Hub”, 10 miles out into the sea, received planning permission last month. It is an area where wave power developers can “plug in” to the power grid from an undersea socket and set up plants. The company hopes to have the 4 km x 2 km area built by next year.
The company has other projects in the planning stages in the US, Australia, and Namibia.
Many companies are attempting to build wave power plants as part of the latest wave of green power developments. The Oceanlinx system involves technology placed on a partially submerged 12m platform. The waves cause water to rise in a chamber, forcing air out of the top through a turbine, generating power.
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