MADRID, June 17 (UPI) -- Spanish utility major Iberdrola is engaged in a wave project.
Along with diversified technology group Tecnalia Corporacion Tecnologica, Iberdrola has announced an agreement to develop the Oceantec wave energy project in the Basque country of Spain.
This initiative, which is expected to stimulate industrial development in the Basque Country, will involve a joint investment of nearly $9 million with expectations that the device will be built and pass testing in 2009.
Iberdrola will participate in Oceantec through Perseo, its equity investment company. With an annual budget of nearly $12 million, its goal is to support high-technology projects in renewable energy and the environment.
Perseo will focus, among other things, on marine energy, where Iberdrola is already active in developing wave energy projects in Santona, Spain, and the Orkney Islands off the north coast of Scotland.
Perseo will seek also to identify investment opportunities for Iberdrola in biotechnology which can provide solutions in the context of new fuel sources and carbon dioxide capture.
