Tuesday, August 26, 2008

Aquamarine gets (really) serious

Aquamarine has just announced the appointment of a new CEO, Martin McAdam, who was last seen at Airtricity where he was Chief Operating Officer. Details here.

This is interesting, as Martin's clearly a serious player in the renewables space. Now, I think it's fair to say that some of the marine developers are thinly capitalised (putting it politely) and might struggle to attract a candidate of this calibre. So we take this appointment as very positive for Aquamarine, as we (perhaps rashly) infer a real commitment from Scottish and Southern to the success of the business, which might well take more investment than the £6.5 million it's put in so far.

An alternative interpretation would be that perhaps Mr. McAdam made such a huge pile of cash out of the Airtricity sale that he doesn't have to worry about money!

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