Press release: Scotrenewables secures £5.7m to demonstrate world’s largest tidal turbine at EMEC
Orkney based Scotrenewables Tidal Power Ltd (SRTP) has been successful in securing a further £5.7m from investors to allow it to demonstrate the world’s largest tidal turbine. The company, which is at the forefront of the floating tidal turbine sector, is currently nearing the completion of the build of its SR2000 (2MW) system in the Harland & Wolff shipyard in Belfast; the first large scale machine the company has built.
The machine is due to be launched early next year before being towed to the European Marine Energy Centre (EMEC) in Orkney to commence grid connected testing.
The company’s existing shareholders (ABB, Scottish Government’s Renewable Energy Investment Fund/REIF, Total New Energies, Bonheur ASA & Ganger Rolf ASA) were joined by new shareholders DP Energy, Harland & Wolff and Scotmarine to provide the investment to take the SR2000 programme through the next operational phase.
Commenting on the announcement the Scottish Minister for Business, Energy and Tourism, Fergus Ewing said:
“I am delighted to be supporting Orcadian firm Scotrenewables. The £2.65m investment from our Renewable Energy Investment Fund is part of a £5.7m funding round, which will allow this dynamic company to complete construction of the world’s largest tidal turbine –– and to launch it at EMEC in Orkney next year”.
Continuing he said: “Scotland is a world leader in marine energy technologies and is committed to supporting ambitious projects like these that help us capitalise on our green energy potential.”
And added: “I was pleased to see that the company has attracted a brand new investor and I know that DP Energy will bring valuable skills and expertise to the project.”
Andrew Smith, Head of REIF, which is administered by Scottish Enterprise, said:
“We believe Scotrenewables has a significant role to play in securing a leading place for Scotland in the world market for ocean energy, and it’s great to see the company making such positive progress towards the development of its SR2000 device.”
Andrew Scott, the Company’s recently appointed CEO, said:
“This new investment is great news for the SR2000 programme and the team at SRTP who have put such a tremendous amount of work into this exciting technology. We look forward to getting this unit in the water next year and demonstrating the step-change advantages we are confident that our floating approach to tidal energy can offer the commercial sector.”