Alstom buys into wave energy
Alstom, which has 5,000 employees in the Midlands, has taken a 40 per cent equity share in Scottish renewable energy company AWS Ocean Energy.
Alstom, which specialises in the transport and energy sectors, said it marks its first entry into the wave energy market. Astom has bases across both the East and West Midlands including at Stafford, Rugby, Ashby-de-la-Zouch, Derby, Birmingham and Wolverhampton.
Alstom will be a shareholder alongside the Shell Technology Ventures Fund 1 and Scottish Investment Bank.
Created in 2004, AWS Ocean Energy is currently working on a wave energy converter called AWS-III.
Philippe Cochet, senior vice-president of hydro and wind at Alstom, said: "We are extremely excited about entering the wave energy market at this pivotal time.
"Our engagement with AWS forms an important part of the strategic development of our recently created business activity, Alstom Ocean."
