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New funding round for Scotrenewables Tidal Power

Scotrenewables Tidal Power – developer of the 2MW floating SR2000 tidal turbine – 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.

Scotrenewables Tidal Power – developer of the 2MW floating SR2000 tidal turbine – 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 successful test programme over the past 12months, culminating in the SR2000 producing more than 116MWh 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.”