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Scotrenewables Tidal Power seeks funds to commercialize tidal technology

Published 07 November 2017

Tidal current turbine developer, Scotrenewables Tidal Power has started a new funding to take its tidal technology towards commercialization.

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 116 MWh 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.”

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.



Source: Company Press Release