AWS Ocean Energy was established in 2004 and is based in Alness, near Inverness (Scotland). Its industrial partners include Global Maritime, Poseidon and Bosch Rexroth. In February 2007, the company was awarded grant funding from the Scottish Government to support its commercial development and, in September 2007, was a beneficiary of the Carbon Trust’s Marine Accelerator Programme.

The AWS wave energy converter is a high power generator intended for bulk power production to a utility grid. As a wave crest approaches, the water pressure on the top of the cylinder increases and the upper part or 'floater' compresses the gas within the cylinder to balance the pressures. The reverse happens as the wave trough passes and the cylinder expands. The relative movement between the floater and the lower part is converted to electricity by means of a hydraulic system and motor-generator set.

The AWS system is scalable and it can be adapted to respond to a wide variety of ocean wave climates. Unlike other wave technologies, the AWS is submerged at up to depths of 50m below the surface of the sea which, as well as removing any visual impact and hazards to shipping, avoids high storm impacts. With low environmental impact and high power density, the AWS can survive the most violent storms and downtime is minimised through maintenance at sea.

The STV Fund, which is managed by Kenda Capital B.V., selectively focuses on renewable energy technologies that show significant promise of delivering cost-competitive energy and chose to invest in AWS Ocean Energy after a detailed evaluation of the international marine energy market.

Aruna Subramanian, investment principal at Kenda Capital B.V. said, 'Whilst recognising the vital contribution the oil and gas sector makes to the world economy, the development of new energy technologies is crucial if we are to address the challenges of energy security and environmental responsibility.'

Simon Grey, chief executive of AWS Ocean Energy said, 'The investment made by STV Fund and Tudor is a significant step forward for the company and the wave sector as a whole. Having their backing, alongside the Scottish Government, is an endorsement of what we have achieved so far and important for our future plans. This new investment will allow us to continue building our technical team where we have some really exciting opportunities opening up.

'The AWS team will deploy a demonstration 250KW pre-commercial prototype at Orkney’s European Marine Energy Centre in 2009 and we expect this to lead on to the first phase of a commercial demonstration farm in 2011 which may expand to 100 AWS units within three years.'