My Decade

Published on Wednesday 23 December 2009 20:00

MARTIN McAdam Chief executive of Aquamarine Power

What were you doing ten years ago?

I had just sold my shares in a dotcom company and started working for Airtricity in the renewable energy sector. I was an investor and employee of Airtricity, which turned into one of the biggest independent wind developers in Europe and the US.

How did you get to where you are now?

In 2008, the European assets of Airtricity were sold to Scottish & Southern Energy and I knew I wouldn't perform well in a large organisation, so I was looking for something else to do. A headhunter asked me if I was interested in running a small start-up in the marine energy sector. Here I am at Aquamarine Power.

What was your greatest triumph?

In 2003, Airtricity sent me to the US to start its American business. Here we were, a small company trying to make our mark on the world stage, but we were under-capitalised and we didn't have enough employees. However, in 2004 we persuaded Mitsubishi Heavy Industries to sell us 250 one-megawatt wind turbines. The value of that deal was about $275 million (173m) and it was just magnificent. Through persistence, we – a small company – were able to do one of the largest wind deals at the time in the world.

What was your biggest low?

My wife was diagnosed with bowel cancer in 2005. She spent the next two years in a lot of pain from the treatment and she died in 2007. I went though a very dark period. I was lucky because I had lots of people around me and I have a very good friend, who is also a doctor, and he helped me.

What is the hardest decision you have had to take since 2000?

My wife was an extremely strong character and when it became clear that she was dying she forced me, by nagging me daily, to make all of the arrangements for her death and funeral. She wanted to approve them, right down to the song choice. So I had to plan her death while she was still alive and that was very, very tough.

Who has particularly inspired you over the past ten years?

From a business perspective, Steve Jobs from Apple. He founded the company, left and then returned when it was in the doldrums and he completely revitalised it. I just love Apple products and he's a huge visionary for the sector.

What has been the biggest challenge to your particular business sector since 2000 and how have you overcome it?

In the past two years, the biggest challenge to renewable energy firms has been fundraising. How do you get finance for an early stage business in a very difficult economic climate? We have had to focus on that in the past 18 months. It has been a huge distraction for the management team, but it's absolutely essential.

What do you think has been the greatest invention from the last ten years and why?

The iPod in all its incarnations. I love music and I now have a collection of 13,000 songs that I can carry anywhere on my iPod.

And the most irritating invention?

I also think it's the iPod. Last week, I was on the bus from Edinburgh Airport into town and there were four people sitting opposite me, each one competing over who could play their music at the highest volume. I thought it was absolutely ridiculous and very irritating.

What's the funniest or strangest experience you've had since 2000?

I went to look at some wind farm sites in China when I worked for Airtricity and one of them was out in Inner Mongolia. We drove along a new motorway to get to the wind farm. In the distance, I saw a couple of motorbikes, which I thought were carrying large bags of wool. But as they got closer I realised they had six live sheep on them, two on each side and two on the back. It was absolutely bizarre – particularly since I come from a farming background.

What's your greatest personal achievement since 2000?

I was very privileged to attend Harvard University where I did the advanced management programme.

Where do you hope to be in 2020?

I would expect Aquamarine Power to be a truly international business.