EC-OG Sets Up Crowdfunding Investment Campaign
- Business & Finance
Aberdeen-based subsea energy storage and energy generation specialist EC-OG has launched a crowdfunding campaign to kick-start the energy transition and support growth plans.
EC-OG, the creators of the Subsea Power Hub technology, is seeking support from the public to bring the business’ scale-up plans to reality as they set out to decarbonise Oil & Gas operations in the North Sea.
The target for the crowdfunding campaign is £150,000, with minimum investment of £50 to the Invest platform on the EC-OG webpage.
The Subsea Power Hub is designed, programmed and built by the in-house team of electrical, firmware, software and mechanical engineers. The EC-OG team has also developed proprietary lithium-ion battery technology, which forms the basis of the Subsea Power Hub’s Intelligent Energy Management System.
The Subsea Power Hub device combines the core technologies of subsea energy storage and energy generation to deliver autonomous electrical power to remote subsea locations without a power cable link to surface or shore. Clean energy is produced directly at the point of demand, signifying a reduction in CO2 output when compared to traditional power delivery systems. The Subsea Power Hub was successfully tested at the Shapinsay Sound test site at the European Marine Energy Centre (EMEC) in 2017.
The technology can be applied to a number of applications, including Subsea Automation and the Subsea Internet of Things (SSIoT). The firm recently demonstrated the Subsea Power Hub’s capabilities for powering subsea production equipment using battery power alone.
EC-OG has already experienced significant growth since being established in 2013. The firm has grown from 7 founding team members to 25 employees today, with the support of £1.5 million public sector funding and £2.5 million private sector funding. The crowdfunding platform launch signifies the company’s shift to a fully commercial organisation.
EC-OG co-founder Richard Knox said, “We’re asking the public to get behind EC-OG, our team and be part of accelerating the energy transition. The Subsea Power Hub will play a crucial part in decarbonising oil & gas operations and will importantly bring energy storage technology to the subsea environment. We want to share this journey with investors and allow them to be part of our development and the commercial opportunities that lie ahead for us.”