Edinburgh-based marine energy company Aquamarine Power has appointed Martin McAdam as its Chief Executive Officer.McAdam joins Aquamarine from wind farm developer and operator Airtricity where he was Chief Operating Officer. He founded Airtricity’s North American operations which were purchased in 2007 by Eon for £0.75 billion. Airtricity were acquired by Scottish and Southern Energy for £1.08 billion in February this year.

Irish-born McAdam, a Chartered Engineer who studied management at Harvard Business School, is set to lead Aquamarine Power full-time from mid-August, as the company gears up to start testing the first full-scale working version of its innovative Oyster® hydro-electric wave power converter.

This week, Aquamarine signed a second contract with the European Marine Energy Centre (EMEC) in Orkney to confirm that its Neptune^TM tidal energy device will be tested at EMEC’s tidal site at Eday in 2010. The new agreement will make Aquamarine Power Scotland’s only marine power company to test and develop both wave and tidal energy devices simultaneously.

Aquamarine’s Chairman Mervyn Jones said: “Martin has an impressive pedigree and commands much respect in the renewable energy industry. We are delighted that he has agreed to join us as CEO.

“Our goal is to be among the first to deliver large-scale commercial wave and tidal energy projects to help the EU, UK and Scottish governments reach their ambitious targets for renewable energy generation, as well as to help tackle climate change on a global scale.

“Martin will be instrumental in the achievement of these goals.”

Last October, Aquamarine Power joined forces with Scottish and Southern Energy’s subsidiary, Renewable Technology Ventures Ltd (RTVL), securing a £6.3m investment from SSE and a further £1.5m from Sigma Capital Group plc.

The company has worked closely with key partners, including the award-winning wave power research group at Queen’s University Belfast and Strachan and Henshaw, marine engineering specialists, who have supported the development of the Oyster® and Neptune^TM designs respectively.

Aquamarine’s technology programme has attracted a wide range of sponsors including Highlands and Islands Enterprise, the Technology Strategy Board, the Royal Academy of Engineering and the Engineering and Physical Sciences Research Council (EPSRC).