Aquamarine recently unveiled the design of Oyster 2 800 kW wave power device which will be built in Scotland later this year.

Oyster 2, which consists of three flaps linked to a single onshore 2.4 MW hydro-electric turbine, will be launched at the European Marine Energy Centre (EMEC) in Orkney, in summer 2011.

The proceeds of the fundraising will be used to fund the procurement programme and provide general working capital.

Together with SSE Renewables, Aquamarine has secured exclusive rights to develop the 200 MW Brough Head wave farm in the Crown Estate leasing round for the Pentland Firth and the Orkneys.

Martin McAdam, CEO of Aquamarine Power, says: “The additional fundraising enables us to progress to the next phase – the manufacture and installation of Oyster 2 and we will announce the award of these contracts shortly. “