‘Subsea Power Hub’ Developers Get £1M Funding Boost
- Business & Finance
East Coast Oil and Gas Engineering (EC-OG) has secured over £1 million of external investment from Castle View Ventures and the Scottish Investment Bank, the investment arm of Scottish Enterprise.
This long-term strategic investment follows the announcement of a £1.2-million research and development grant from the High Growth Start-Up unit in December 2015.
EC-OG has developed a new subsea power generation system known as the Subsea Power Hub (SPH). The SPH provides localised electrical power directly to remote subsea locations. It converts ocean currents into renewable power to reduce operating costs.
According to the EC-OG, this investment will be used to accelerate the growth of the company by focusing on the commercialisation of the SPH. EC-OG also said it looks to continue to provide the best possible client experience by leveraging the extensive talent pool in Aberdeen, projecting the creation of 14 new jobs.
Richard Knox, managing director of EC-OG, said: “This investment forms part of the continued support from Scottish Enterprise, where the High Growth team in particular has delivered personalised support to promote domestic and international growth here at EC-OG. The investments from Castle View Ventures and the Scottish Investment Bank are concrete votes of confidence in the strategy of EC-OG and will allow our rapid growth to continue. We’re building a future where power supply and distribution costs are substantially reduced. Our Subsea Power Hub is at the heart of this next generation of subsea systems which we will shortly deliver.”