The official announcement on the investment deal was made by Scottish First Minister Alex Salmond during First Minister’s Questions at the Scottish Parliament. First Minister Alex Salmond said:
“Scotrenewables' announcement today of the details of their foreign investment package worth £7.6 million is terrific news and a huge vote of confidence in the Scottish offshore renewables industry.
This deal brings in a substantial amount of private funding from overseas - more than £6 in foreign investment for every £1 of public money. It is another example of how public money can be used to leverage private investment and help support industry to reach ever-more ambitious heights.
I welcome this investment, which is further evidence of Scotland surging ahead in the green energy revolution."
The financing will fund the design, construction, installation and testing of the next generation commercial-scale Scotrenewables Tidal Turbine – rated at 2MW and known as the SR2000. This turbine, which is scheduled for completion in Spring 2014, will incorporate learning from successful grid-connected testing of the 250kW prototype currently ongoing at the EMEC Fall of Warness tidal test site and will be optimised for a fully commercial 20-year design life. The SR2000 will be the first of a number of commercial SRTT units installed in the Lashy Sound tidal demonstrator project in Orkney which was awarded ‘Agreement for Lease’ by the Crown Estate in early November 2012.
Barry Johnston – Founder & Chief Executive Officer: “It is very positive not only that we have agreed terms in respect of a significant new investment from ABB-TV but also that our existing investors will be participating in this investment round. This is a major step on the road to making the company a real clean-energy success story.”
Mark Hamilton – Chief Technical Officer: “This addition of a new ‘technology partner’ to an already enviable investment team will give us the best possible backing as we progress the commercialisation of our innovative tidal technology. ABB involvement will allow us to tackle complex cabling and grid connection challenges thereby speeding the technology development process.”
John McGlynn – Business Development Manager: “The decision of ABB to invest in Scotrenewables Tidal Power Limited is a resounding endorsement of both the SRTT concept and the team that is developing it. The company already enjoys the backing of oil major TOTAL and Fred. Olsen Companies but now will also have access to ABB technical expertise, its highly developed supply chain network and global sales channels.”
Scotrenewables Tidal Power Limited is the developer of an innovative floating tidal energy conversion system that provides a step-change reduction in the cost of marine energy. The concept has undergone intensive testing at increasing scales in both laboratory and open ocean environments since its inception in 2002. The concept is now being tested at 250kW scale at the European Marine Energy Centre in Orkney.
To find out more about the technology and company visit Scotrenewables’ website www.scotrenewables.com