Wave energy company ORECon raises $24 million cleantech investment

ORECon Limited (“ORECon”) a wave energy device developer today announces the completion of its first institutional funding round led by Advent Venture Partners (“Advent Ventures”). A powerful syndicate of international VCs including Advent Ventures, Venrock, Wellington Partners and Northzone Ventures is investing a total of $24m. With the investment ORECon will build and deploy a full-scale device, then move on to commercial roll-out of its technology.

The result of six years of planning and development, ORECon’s patented MRC (multi-resonant chambers) technology has addressed the problems encountered by other wave energy devices. The ORECon MRC uses multiple wave chambers of differing draughts integrated into a single buoy to produce a very efficient device with high power output of 1.5 MW. Purpose designed for the hostile offshore environment and exploiting engineering techniques from the oil and gas industry, the system has a minimum of moving parts, none of which are below the water surface enabling it to be permanently deployed and maintained on site.

Demand for ‘clean power’ is forecast to continue growing rapidly over the next decade as countries implement measures to combat climate change. In 2007 the EU States committed to the “20-20-20” target – 20% emissions reduction and 20% of all energy from renewable sources by 2020.

David Crisp, CEO of ORECon brings a combination of over 25 years of offshore and entrepreneurial start-up management experience to the company, having worked for Schlumberger in the offshore oil industry before moving on to set up Eden Group Ltd and Neopost Online Inc. David Crisp, said: “We are delighted to have secured backing from top-tier VC investors. Assembling a syndicate like this is a huge endorsement of the strength of our technology and our anticipated growth. The funding will enable us to aggressively exploit our patented technology and position it as a viable competitor to fossil fuel generation.”

Commenting on the investment, Peter Baines, General Partner, Advent Ventures said: “ORECon is that rare breed – a combination of an exciting vision for the future, an innovative technology and an experienced entrepreneurial team to turn this vision into reality. We look forward to working closely with management to turn ORECon into the major player in the marine renewables arena.”

Steve Goldby, Partner at Venrock Ventures, California, commented ""Venrock is focused on cleantech companies that have discovered unique ways to harness energy and have an industrial-level impact. ORECon's approach to green electricity presents a tremendous opportunity. We are looking forward to working with the team to shape ORECon into one of tomorrow's great success stories.""

For more information, please contact: Sue Wolstenholme, Ashley Public Relations, sue@ashley-pr.co.uk, +44 1579 370991

About Advent Ventures

Advent Ventures is one of the most experienced venture capital firms in Europe. Established in 1981 it invests in both the Technology and Life Sciences sectors. Advent Ventures has raised over $1 billion from institutional investors across Europe and the USA since 1998. Advent Ventures’ Technology investments include: Snell & Wilcox (leading digital media infrastructure technology supplier), Echovox (mobile media solutions provider), Ubiquisys (systems for residential inbuilding cellular coverage), Dailymotion (video sharing site) and Cartesis which was sold to Business Objects for $300 million. For more information, contact Francesca Reville / Kay Larsen on +44 207 786 4888, francescar@penrose.co.uk / kayl@penrose.co.uk

About Northzone

Northzone Ventures has successfully invested in early stage technology companies since 1996. Northzone Ventures has offices in Stockholm, Copenhagen and Oslo, and manages a total of € 355 million. Northzone has invested in more than 65 companies, including Funcom (OSE: FUNCOM), Lastminute (acquired by Travelocity, Inc.), Nextgentel (acquired by TeliaSonera), Pricerunner (acquired by Valueclick, Inc.), Stepstone (OSE: STP) and Trolltech (acquired by Nokia). For further information please visit www.northzone.com or contact Torleif Ahlsand on +47 4141 2985, Ahlsand@northzone.com

About Venrock

Venrock is a premier venture capital firm with offices in Menlo Park, New York, Cambridge, MA, and Israel. Originally established as the venture capital arm of the Rockefeller family, Venrock continues a seven-decade tradition of partnering with entrepreneurs to establish successful, enduring companies. Having invested $1.9 billion in 405 companies resulting in over 120 IPOs over the past 39 years, Venrock's investment returns place it among the top tier venture capital firms that have achieved consistently superior performance. With a primary focus on technology, healthcare, and energy, portfolio companies have included Adnexus Therapeutics, Apple Computer, Centocor, Check Point Software, DoubleClick, Gilead Sciences, Idec

Pharmaceuticals, Illumina, Intel, Millennium Pharmaceuticals, Sirna Therapeutics, StrataCom, and Vontu. For more information, please visit Venrock's website at www.venrock.com or contact Meghan Roman on +1 619.501.5256, mroman@horngroup.com

About Wellington Partners

Wellington Partners ranks among the most successful pan-European venture capital firms. With • 800 million under management and offices in London, Munich and Zurich, the firm invests into opportunities throughout Europe that have the potential to become global leaders, mainly in the areas of Information Technology, Media Convergence and Life Science. Since 1998, Wellington Partners has established a worldwide network to aid its entrepreneurs in building companies on a global scale.

Wellington Partners has invested in more than 100 companies in Europe and Israel, including now publicly traded Actelion, SAF and XING, successful privately held companies like Alando (acquired by eBay) and ImmobilienScout24 (acquired by Deutsche Telekom) as well as current portfolio companies like Adconion Astaro, Questico and Truphone. For more information please visit www.wellington-partners.com or contact Stefan Schwartz on +49-89-219941-29, schwartz@wellington-partners.com or Edward Peel on +44 207 438 4910, epeel@mantra-pr.com