The Oyster concept originated from studies conducted in 2003 by the wave power research team at Queen's University Belfast, led by Professor Trevor Whittaker.

The studies were co-funded by the Engineering and Physical Sciences Research Council[3] and Allan Thomson, who had previously founded and led the UK's first commercial wave energy company, Wavegen.

[9] In November 2009, the first full-scale, 315 kW, Oyster demonstrator began producing power when it was launched at the European Marine Energy Centre (EMEC) Billia Croo wave test site off the west coast of Mainland Orkney.

[15][16][2] In March 2012, Aquamarine announced plans to install 40–50 Oyster devices on the seabed off the Western Isles in Scotland.

[18] At the All Energy conference in May 2013, government minister Fergus Ewing announced the 40 MW scheme had been granted full consents, making it the largest permitted wave project.

[21] In January 2009, Aquamarine signed a £2m order with ABB for the electrical systems for two turbines, with a combined rated capacity of 2.4 MW.

[22] However, by April 2009, Aquamarine announced that they were ceasing development of the tidal turbine, to focus on their Oyster wave energy device.

In 2008, it was named Emerging Technology Promoter of the Year in the Ernst & Young Euromoney Global Renewable Energy Awards.