Wave energy developer Aquamarine Power has named Paul Capell as its new chairman. He replaces Mervyn Jones who has served as the company’s chairman since 2007. The company has also appointed John Malcolm to its Board as a non-executive director.
An experienced CEO and chairman, Capell has worked extensively in the renewable energy, water, oil and gas sectors and has a 30 year track record in starting, acquiring, building and exiting successful international businesses in the UK and overseas. He will chair Aquamarine Power’s Board of Directors which includes representatives from the company’s leading shareholders SSE, ABB and Scottish Enterprise. Capell is a founding director and CEO of EIDC Ltd, an environmental infrastructure development company which develops and funds waste and waste to energy projects. He also serves as non-executive chairman of Aerothermal Group Ltd, a waste to energy technology company. Previously Capell served for ten years with the Weir Group as part of their executive management team and sat on the board of United Utilities.
Malcolm is an independent energy consultant with a broad international experience. Previously, he served for 25 years with Royal Dutch Shell in a number of senior roles including Managing Director of Petroleum Development Oman and General Manager/Managing Director of Al Furat Petroleum Company.
Martin McAdam, Chief Executive Officer of Aquamarine Power, said: “Paul and John bring a winning combination to the table at Aquamarine Power – a wealth of experience and expertise gained in major established businesses along with an abundance of enthusiasm for the emerging marine energy sector. It’s a combination which will prove invaluable as we enter the next exciting phase in our journey towards commercialisation. I’d like to welcome Paul and John to Aquamarine Power on behalf of the whole team and the rest of our Board of Directors. I would also like to take this opportunity to thank Mervyn Jones who has been with us as chairman since the early days of Aquamarine Power. Mervyn has been instrumental in guiding us through many major milestones and challenges and has put in place a strong foundation of good corporate governance which will serve us well in the years ahead. I would like to thank him for his commitment and support which has helped us get where we are today.”
Paul Capell said: “I have watched Aquamarine Power’s growth and success over recent years with interest and am delighted to now be part of such an exciting company as it approaches the next important phase in its development.”
John Malcolm said: “I am delighted to be involved with such an innovative and progressive company and am looking forward to working with the team at Aquamarine Power.”
Last month, operational testing of Aquamarine Power’s second-generation Oyster 800 wave energy machine commenced at the European Marine Energy Centre near Stromness in Orkney when the machine produced first electrical power to the grid. In the coming weeks each component of the device will be tested including the hydraulic and electrical power systems to ensure safe and reliable operation.