Scotrenewables Tidal Power Ltd. is moving forward with a new funding round to further its marine tidal technology towards commercialization.
According to the Orkney, Scotland-based company, on Nov. 6 it announced it has appointed financial advisors Simmons & Company International to lead the investment process. Simmons & Company International is located in Aberdeen and is part of the of U.S. investment bank, Piper Jaffray.
The tidal developer said its move follows a successful test program over the past 12 months, culminating in the 2-MW SR2000 producing more than 116 MWh in under a week of continuous generation at the European Marine Energy Test Centre (EMEC) in Orkney.
In May, HydroWorld.com reported Scotrenewables announced its SR2000 tidal turbine’s performance level matched established offshore wind turbines after it generated more than 18 MWh within a continuous 24-hour testing period at EMEC.
The SR2000 weighs about 606 tons, is more than 200 feet long and was deployed from Harland & Wolfe Heavy Industries Ltd. in Belfast, Northern Ireland. The turbine, which Scotrenewables said is the world’s largest of its type, began preliminary trials in Belfast Lough before being towed to its grid connection at EMEC’s Fall of Warness tidal test site.
According to Scotrenewables, the grid-connected turbine supplied 7% of Orkney’s electricity demand over this time with shorter periods in which its contribution exceeded 25% of demand. In recent days, the SR2000 has been generating more than 20 MWh per day, including 6 MWh in a single tide.
Andrew Scott, chief executive officer 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 commercialization program and deliver our first commercial tidal arrays.”
In March, the user selection board of the US$11.8 million Funding Ocean Renewable Energy through Strategic European Action (FORESEA) project awarded “Recommendations for Support” to 15 offshore renewable energy technologies. Scotrenewables, one of the 15 recipients, received funding from FORESEA via EMEC to test its SR2000.
In 2013, Switzerland-based engineering company, ABB, invested $12 million in Scotrenewables after previously providing funding for the SR2000. HydroWorld.com reported in December 2012 ABB announced it invested $8.12 million in Scotrnewables, alongside an additional $6.24 million from Fred Olsen and Total S.A.