1. Contents
• Aquamarine Power & Oyster
• How does it happen?
– Stages of development, funding & types of funding
– How and when to present a case for funding
– Managing change and maintaining funding
• Aquamarine Power & Technology development
– Examples of technology development
• How this has worked for us?

2. Aquamarine Power

3. How Oyster works
4

4. Near shore Advantages
Lower total energy in the near shore…
But greater assessable proportion
Fixed reaction point, as the sea bed
5

5. Oysters
Oyster 1
• 315kW demonstration device
• Grid-connected 2009
• >6000 operating hours
• 100kW generation, Peak power close
to 300kW.
Oyster 800
• 800kW demonstration device
• Installed Sept 2011
• First electrical power June 2012
• Improved power generation
• Simplified marine installation
6

6. Stages of development & funding
Idea / concept research
High level design
Component and scale testing
Detailed design
Build and full scale testing
Very valuable (don’t rush this)
• Wide scope
• Wide range of solutions & options
• Low cash requirements
Funding
• This is normally funded through
limited but flexible R&D budgets
• Universities, research councils, R&D
departments etc.
Outputs
• Concept business plan
• KPIs to support this
• Concept design

7. Stages of development & funding
Idea / concept research
High level design
Component and scale testing
Detailed design
Build and full scale testing
Risk reduction
• Identify the areas of greatest risk
• Further research to reduce risk
Funding
• Seed funding for a specific scope
• Normally from early stage investors,
or those who could benefit from the
business plan e.g. suppliers
Outputs
• Revised, lower risk business plan
• KPIs of design
• High level design
• Detailed testing and design plan

8. Stages of development & funding
Idea / concept research
High level design
Component and scale testing
Detailed design
Build and full scale testing
Design
• Narrow scope
• Use component / scale testing to
reduce uncertainty in the design
• Design against the KPIs. E.g. cost,
performance etc.
Funding
• Requires a larger amount of
investment
• Normally from large players in the
sector, customers and suppliers
• Can attract grant aid
Outputs
• Revised, lower risk business plan
• KPIs of design
• Design and build plan

9. Stages of development & funding
Idea / concept research
High level design
Component and scale testing
Detailed design
Build and full scale testing
Purpose is to verify design and cost
estimates. This should justify the
business plan.
Funding
• Often the same as before but
suppliers sometimes consider this to
be an exit point at which they expect
an order
Outputs
• Verification of business plan & KPIs
• Demonstration of product to
customers

10. Presenting the case
What should you know:
• Development plan?
• Equity requirements?
• Forecast returns?
• Risks?
• Investment gates
• KPIs?
• What are you prepared to offer for investment? IP,
shares, sales contracts, other?

11. Keeping funding
What happens when things don’t go to plan?
• Change management is key!
• Change requests
– Set tolerances on the KPIs for the project
– Assess change requests against the KPIs
– Report exceptions accordingly
• Meet with the funders regularly to talk through all the
small changes as they happen. This prevents any
surprises at the end
• Maintain an up to date plan demonstrating the effect of
any changes on the funding requirements and
expectations

12. Example 1 - Oyster
Initial design
concept research
Detailed
design
Build and full scale testing
Component and
scale testing
Queen’s
University
Belfast
16

13. Example 2 – Oyster Flap
Starting point
Steel Construction
✗ Concrete
✗ Plastic
✗ Fabric
✗ Rubber
Other Material
FRP Construction
Mass
production
Cost
Target

14. Example 2 – Oyster Flap
• Flap
– Material - Steel FRP
• 393 tonnes  100 tonnes
– Shape – 18m  26m wide
• 250% the energy production
18

15. 21

16. DR Garth Bryans
Head of New Tech & Eng. Forecasting
AQUAMARINE POWER
ELDER HOUSE, 24 ELDER STREET
EDINBURGH
EH1 3DX
UNITED KINGDOM
Tel:
Mobile:
Email:
Web:
+44 131 524 1436
+44 7503881503
garth.bryans@aquamarinepower.com
www.aquamarinepower.com