Oceanlinx Secured New Investment Funding

08 October 2008

Today we can announce that Oceanlinx has closed an additional funding round of AUD 16 million from an investor syndicate comprising the New Energy Fund, Espírito Santo Ventures and Emerald Technology Ventures.

 

The proceeds of this investment will be used in the development of the new generation of Oceanlinx technology and to progress the development of its key projects. The Company has operated a full scale prototype at Port Kembla in Australia, since 2003. It is also developing its technology to utilise its wave energy units to produce desalinated water.

 

The Oceanlinx CEO, Stuart Bensley, said: “Oceanlinx is well positioned to take a leading role in the emerging wave energy sector by establishing genuinely commercial power production facilities. We believe that this investment will provide the basis for Oceanlinx to achieve this critical step. We are delighted to have the additional financial commitment from Espírito Santo Ventures and Emerald Technology Ventures and welcome the New Energy Fund (Portugal), a very well respected group in the cleantech and renewable energy industry investment sector, to allow us to aggressively pursue this pathway to commerciality”.

“Oceanlinx is well positioned to take a leading role in the emerging wave energy sector by establishing genuinely commercial power production facilities. We believe that this investment will provide the basis for Oceanlinx to achieve this critical step. We are delighted to have the additional financial commitment from Espírito Santo Ventures and Emerald Technology Ventures and welcome the New Energy Fund (Portugal), a very well respected group in the cleantech and renewable energy industry investment sector, to allow us to aggressively pursue this pathway to commerciality”.

Stuart Bensley, Oceanlinx CEO

 

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