ABB Technology Ventures, the corporate venturing unit of Switzerland-based industrials group ABB, has led a $12m round of funding into tidal turbine provider Scotrenewables Tidal Power. There was also involvement from Total New Energies, a unit of oil major Total and Norwegian maritime company Fred.Olsen.
The new funds will be used to introduced a more advance tidal system.
In December last year the company received a funding package of $14.5m which included involvement from the Scottish government.