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Fife Energy Park
25/07/2007
Offshore wave energy company Ocean Power Delivery (OPD) has secured a £260,000 Regional Selective Assistance grant to updgrade its production facility at Fife Energy Park in Methil.
The investment will create 53 new high value jobs amd the impact of the investment will be felt well beyond Fife, Finance and Sustainable Growth Secretary John Swinney said today.
OPD, recognised internationally for its role in developing wave technology, has worked closely with Scottish Enterprise to secure financial assistance for a manufacturing facility for its world leading Pelamis wave energy converter.
Mr Swinney said:
"OPD are leading the world in the development of wave energy technology. They have shown just how successful Scottish companies can be - Pelamis has the potential to revolutionise how the world produces energy from the sea. This funding will allow the company to continue its outstanding work in the field and create valuable new jobs which will benefit the Fife economy.
"Scotland has vast potential in the development of new renewable technologies. We are a country that has huge resources at our disposal - wave, tide, wind, biomass to name just a few. We are determined to produce a renewable energy strategy for Scotland that will exploit all forms of renewable energy and ensure that they deliver to their full potential."
Dr Martin Reynard, Chief Financial Officer, OPD, said:
"This grant award is intended to help offset investment costs for manufacturing at the Fife Energy Park which can in turn help bring OPD one step closer to commercial volume production of Pelamis."
Joe Noble, chief executive, Scottish Enterprise Fife, said:
"It is clear that OPD is an ambitious company that has the expertise, technology and drive to succeed in the commercialisation of what could become one of the world's most exciting renewable energy solutions.
"We are delighted that they have chosen to expand operations in Fife which goes to underline the area's magnetism for investment of this kind and the Energy Park's unique qualities. Fife is a first class place in which to do business which still boasts some of the manufacturing industry's most resilient and innovative businesses."
OPD was formed in January 1998. The company is developing and manufacturing 'Pelamis', the world's leading wave energy converter technology. Headquartered in Edinburgh, the company has a long-term goal of supplying the technology to 'wave-farm' project developers in a potential £500 billion global wave energy converter market.
The funding will anchor the company as a permanent tenant at the Energy Park which boasts a unique proposition with its deep quayside access, quayside length and large scale covered manufacturing facilities.