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. Aquamarine’s Oyster wave power device consists of a hinged mechanical flap connected to the nearshore seabed that pipes high-pressure water to an onshore turbine for power generation.

In November 2009, the first full-scale demonstrator Oyster began producing power at the European Marine Energy Centre based in the Orkney Islands, Scotland. Once commercialized, Oyster wave power devices could be deployed in farms rated at 100 megawatts or more.

Brice Koch, head of ABB Marketing and Customer Solutions, said: “Wave energy is primed to become an important part of the world's renewable energy portfolio. This investment reflects our belief in its technical viability, and our confidence in Aquamarine’s technology and its management team.”