French tidal energy developer, Sabella, has secured €8 million through its latest fundraising campaign.
The funding was secured through Fonds Ecotechnologies, managed by the public investment bank Bpifrance, as part of the Future Investments Program run by the French Agency for Environment and Energy Management (ADEME).
Sabella said it will use the funding to extend its international presence and to reinforce its technical advancements.
Jean-François Daviau, President of Sabella, said. “We plan to significantly strengthen our workforce in 2017 to accelerate business development and R&D efforts. After having carried out a first deployment in France, we plan to carry out several international projects, including those in Asia, where electricity production needs are necessary for the economic development of certain regions. This fundraising gives us the means to deploy our solution on a global scale.”
To remind, Sabella retrieved its 1MW D10 tidal turbine back in July, after being deployed for one year in the Fromveur Strait, off Ushant island.