Oceanflow Receives REIF Funding for Evopod
- Business & Finance
Oceanflow Energy Limited, a tidal energy developer, has attracted a £300,000 package of support to further develop and commercialise its second generation tidal energy device, Evopod.
Evopod is a semi-submerged, floating, tethered energy capture device that uses a mooring and power export solution that allows the free floating device to maintain optimum heading into the direction of flow of the tidal stream.
The company, which has been supported by Scottish Enterprise through its WATERS scheme, has developed and patented a technology to generate electricity from tidal streams and ocean currents. Its product, the Evopod, is a buoyant tethered platform that supports one or more horizontal axis turbines.
REIF has joined the latest funding round for Oceanflow which comprises private investors to help support the commercialisation of the product which is soon to be tested as a quarter scale (35kW) demonstrator at Sanda Sound off the coast of South Kintyre.
Graeme Mackie, Oceanflow’s Managing Director, said: “We would like to thank the Scottish Investment Bank for supporting the deployment of our first E35 unit which has been built in Scotland and is soon to be installed at our grid connected test site in Sanda Sound. Our Evopod device employs innovative technology and the REIF funding, together with new private investment, will accelerate the demonstration of this technology. Sanda Sound can be a harsh environment and it will be a good test of our technology for the eventual deployment of larger output units at sites in areas such as the Pentland Firth.”
Andrew Smith, head of the Scottish Investment Bank’s REIF, said: “Supporting development of Scotland’s marine energy sector is a key priority area for Scottish Enterprise and that’s why through our range of investment funds, including REIF, we continue to invest in Scotland’s most ambitious and exciting marine energy projects. Oceanflow represents the cutting edge of this new emerging industry and we are pleased to be able to invest alongside others to support development, test and demonstration of exciting new technologies in Scottish waters.”
Scotland’s wave and tidal sector is estimated to be worth up to £1 billion to the Scottish economy by 2020. More than 25 wave and tidal energy device companies are currently actively developing, testing and demonstrating devices in Scottish waters – more than anywhere else in the world.