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Norsk Hydro Technology Ventures (NTV) is to invest venture capital into a new wa ...

Norsk Hydro Technology Ventures (NTV) is to invest venture capital into a new wave power generation concept - Pelamis - developed by Scottish start-up company Ocean Power Delivery (OPD). NTV and a group including SAM Private Equity in Zurich and 3i are together committing Β£6mn in equal shares to OPD with the aim of getting a working prototype in the water, producing electricity to the grid within two years. Pelamis is a semi-submerged structure composed of cylindrical sections linked by hinged joints containing hydraulic rams. Each device will be about 150 metres long, 3.5 metres in diameter, and generate about 750 kW of electricity. Several devices can be connected together and linked to shore through a single seabed cable.

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