Deal round-up 19/03/02

Norsk Hydro to lead investment in Ocean Power Delivery

Norsk Hydro Technology Ventures, Norsk Hydro’s energy venture capital vehicle, is to act as lead investor for a group investing in a new wave power generation concept developed by Scottish start-up company Ocean Power Delivery.

Together with SAM Private Equity in Switzerland and the UK’s 3i Group, they are committing E9.8m in equal shares with the aim of getting a working prototype in the water, producing electricity to the national grid within two years.

Pond Ventures leads first round funding

Pond Ventures, a UK venture capital manager, has completed a first round of funding in Essient Photonics, a Glasgow-based supplier of electronics components, totalling $7m. Essient will be led by interim CEO Michael Gera, a partner at Pond Ventures.

This first round of funding will support the manufacture of the company's prototype integrated components for manufacturers of today's high-speed modules. Scottish Enterprise has also supported the investment round.