UK: Offshore Renewables Business Powers Up with Investment Funding
Independent offshore renewables development business, Trident Energy, has secured an investment of £180,000 from the Low Carbon Innovation Fund (LCIF) as part of a total funding package worth more than half a million pounds. The LCIF is managed by green merchant bank Turquoise International and the investment will support the commercialisation of Trident Energy’s PowerPod wave energy technology.
Trident Energy, which was founded in 2003, has developed and patented a low cost, high reliability generator which converts linear wave motion directly into electricity. The PowerPod technology offers a generic, scalable solution and can supply off-grid renewable energy to oil and gas platforms or offshore wind turbines. PowerPod can also be used to co-locate wave and offshore wind energy generation to increase the amount of electricity produced on one site and reduce the overall costs of offshore electricity operations.
Steve Packard, chief executive of Trident Energy, said: “As the world’s population grows and becomes more technologically advanced, the demand for electricity increases. At Trident Energy, we are developing novel technology to deliver electricity generating solutions, taking advantage of the plentiful resources of the world’s oceans to generate clean and sustainable electricity to meet the world’s growing needs.
“Over the past decade, we have developed, tested and refined the PowerPod technology through a structured process of research and development. This latest round of funding will allow us to complete final sea trials before beginning the process of commercialisation and readying the product for full scale implementation.”
Kevin Murphy, director at Turquoise International, commented: “Turquoise and the Low Carbon Innovation Fund are committed to supporting leading-edge cleantech businesses as they progress to full commercialisation. Through strategic funding, we are able to assist in bringing ground-breaking technologies to market, supporting small and medium sized businesses to deliver the low carbon, environmentally beneficial products and processes of the future.”
The Low Carbon Innovation Fund is a venture capital fund supported by the European Regional Development Fund (ERDF) with capital of £12.5m. The ERDF funding will be matched with over £17m private sector investment – generating a total of more than £30m. The fund runs until December 2015.
The LCIF makes early-stage equity investments in small and medium sized enterprises within the East of England that are developing new and innovative products or processes in a low carbon, environmentally sensitive manner.
Turquoise International manages the LCIF on behalf of the Adapt Low Carbon Group at the University of East Anglia (UEA).
Press release, November 26, 2012; Image: Trident Energy