Deal round-up 19/03/02

Norsk Hydro to lead investment in Ocean Power Delivery; Pond Ventures leads first round funding

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.