Scotrenewables Tidal Power has opened a new funding round to take forward its tidal energy technology towards commercialization.
The developer of the 2MW floating tidal turbine the SR2000, Scotrenewables Tidal Power, 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 12 months, culminating in the SR2000 producing more than 116 MWh in under a week of continuous generation at the European Marine Energy Test Centre (EMEC) 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, according to Scotrenewables, 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 commercialization program and deliver our first commercial tidal arrays.”
Simmons & Company International is one of the largest and most experienced investment banking teams in the energy industry, offering M&A advisory, capital markets execution and investment research.