New CEO at Helm of Green Ocean Energy

Sunday, 06 December 2009

Leading wave power firm Green Ocean Energy has announced the appointment of its chief executive.

Graeme Bell, who has been working with the Aberdeen-based company for more than a year as special projects director, will take up the new post with immediate effect. He will be responsible for overseeing the strategic development of the organisation as its wave power devices reach commercialisation and beyond. George Smith, who was the managing director, will now become the chief technical officer and will focus on the development of the company’s cutting-edge Wave Treader and Ocean Treader technology.

Graeme brings a wealth of experience to the company. Having graduated from McMaster University in Ontario, Canada with a B.A. Honours degree in Politics and Law, he went onto complete a Post-graduate Diploma in Finance and Accounting at Strathclyde University. After graduating, he trained with Ernst & Young in Aberdeen to become a member of the Institute of Chartered Accountants of Scotland. He has spent the majority of his career working for oil and gas service companies and more recently was group chief financial officer at Nautronix where he oversaw the overall restructuring of the company.

He said: “I’ve already had a fantastic time working with Green Ocean Energy and am thoroughly looking forward to the opportunities and challenges my new role will bring. It’s great to be part of such an experienced and dynamic team which is so committed to developing the most effective wave power technology possible.

“We have been delighted by the level of interest our wave power devices are receiving and the company is going from strength to strength. The team has grown considerably in the last 12 months - tripling in size - and we look forward to expanding our team further as we move forward.”

Green Ocean Energy is developing two wave power devices - Wave Treader which attaches to the base of an offshore wind turbine to generate combined wind and wave power and Ocean Treader which is a free floating device designed to be moored in offshore wave farms. The devices are expected to play a significant role in helping meet government sustainable energy targets.

George Smith, who invented devices and established Green Ocean Energy, said: “Graeme has played a crucial role in developing the company since he joined us last year and we have every confidence that under his guidance we will grow significantly over the coming months and years. People seem genuinely inspired by our wave power devices and we are looking forward to getting the full scale prototype in the water next year.”

Non executive director Alistair Lauchlan, added: “Graeme brings a vast amount of management and financial expertise to the company and is a huge asset to the team. With his strategic input and George’s technical expertise we are very excited about what the future holds for the company.”

Green Ocean Energy recently secured a funding package totalling £250,000 which comprises £100,000 investment from Scottish Enterprise’s Scottish Seed Fund matched by a further £150,000 or private investment. The funding will enable the company to begin building a full scale prototype of Wave Treader with a view to deploying in Q2 2012.