Scotrenewables Tidal Power, the developer of the 2MW floating SR2000 tidal current turbine, is embarking on a new funding round to take its tidal technology towards commercialisation.
The company 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 EMEC, the European Marine Energy Test Centre in Orkney. The grid-connected turbine supplied 7 percent of Orkney’s electricity demand over this time with shorter periods where that contribution exceeded 25 percent of demand. In recent days, the SR2000 has been generating more than 20MWh per day, including 6MWh in a single tide.
“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" said Andrew Scott, CEO of Scotrenewables Tidal Power. "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.