Wave power firm in plans to float

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A company involved with a controversial wave power project off the coast of Cornwall is planning to float its shares in London

Australian firm Oceanlinx is reported to be seeking to raise £25m-£35m a flotation on the AIM market.

The company wants to produce more of its devices – which can harness wave power to produce electricity.

The devices can also be used to desalinate sea water to make it suitable for use in industry.

This is seen as particularly important in Australia where heavy drought has put water at a premium.

Local debate

Oceanlinx is one of four firms developing its devices at the controversial Wave Hub – a testing site off the Cornish coast.

Plans for the project have been debated locally, with some people worried that it will adversely affect the environment while others believe it will have a positive impact on green energy and the economy.

Sited 10 miles (16km) off St Ives Bay, it could generate enough power to meet 3% of Cornwall’s energy needs.

The £20m hub has been backed by the South West Regional Development Agency.

‘Robust’ commercial base

Wave power has been championed as a renewable form of energy.

However, firms that work in the field have struggled to build technology that cope with the rough seas which can damage devices, leaving them out of action.

Oceanlinx says it has built the world’s most powerful wave machine – which it says can produce enough electricity to power about 1,500 homes.

Its device has few moving parts – and those which do move are above water – which minimises time needed for repairs, the firm says.

Oceanlinx hopes that money raised from investors will allow it to operate more of the devices, and has unveiled contracts to use them off the coast of Victoria in Australia as well as Namibia, Rhode Island and Hawaii.

“With a current operational presence in Europe, Africa, North America and Australia… (and) with a robust commercial foundation… we firmly believe that this is the right time to be bringing Oceanlinx to the public equity market,” said chief executive David Weaver.

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