Scotrenewables Targets New Financial Boost
- Business & Finance
Scotrenewables Tidal Power, the developer of 2MW floating SR2000, is embarking on a new funding round to take forward its tidal technology towards commercialisation.
It has appointed financial advisors Simmons & Company International, the energy specialists of US Investment Bank Piper Jaffray, to lead the investment process out of its Aberdeen office.
The move follows a test programme over the past 12 months, culminating in the SR2000 producing more than 116 MWh in under a week of continuous generation at EMEC, the European Marine Energy Test Centre in Orkney. The grid-connected turbine supplied 7 % of Orkney’s electricity demand over this time with shorter periods where that contribution exceeded 25% of demand. In recent days, the SR2000 has been generating more than 20MWh per day, including 6MWh in a single tide.
Andrew Scott, CEO of Scotrenewables Tidal Power, said: “Given the significant progress we are making with our SR2000 floating tidal system, and our pipeline of projects in UK and overseas waters, we have appointed Simmons & Company International in Aberdeen to assist us with a funding round to secure new equity investment. This new investment will support the completion of our commercialisation programme and deliver our first commercial tidal arrays.”