Funding boost for wave energy firm - graduate jobs

A Scottish wave energy firm has received funding support from French engineering giant Alstom, boosting hopes of creating new jobs for graduates.

AWS Ocean Energy has secured a multimillion-pound investment from Alstom, which specialises in energy solutions, power transmission technologies and rail infrastructure.

This comes after Alstom took a 40% stake in the Inverness-based company. With the help of the money, AWS is planning to create 15 new research and development jobs.

The funding is expected to help boost the production of the firm's AWS-III wave-power generator.

The French company provides employment to 93,500 people in around 100 countries. It reported sales of more than £18 billion in 2010/11.

AWS said the investment would allow it to more than double its workforce over the coming year. The firm currently employs 14 people.

It is Alstom's first-ever investment in the wave energy sector. However, the financial details about the stake have not yet been completely revealed.

The AWS-III system is a 12-sided floating device which sits on the surface of the ocean and uses the action of the waves to produce electricity.

The Scottish Government, through Scottish Enterprise, has provided funding support to AWS in recent years, with a £1.4 million grant to support testing of the AWS-III in Loch Ness and the Cromarty Firth, and a £2 million joint investment from the Scottish Investment Bank's co-investment fund and Shell Technology Ventures in early 2010.

Copyright Press Association 2011