Scotrenewables Tidal Power (STP) has secured a funding package totaling almost £9m ($14.5m) to take forward development of a next-generation 2MW turbine. The deal comes from Norway-based Fred Olsen, a shipping company, oil company Total and new investor partner ABB Technology Ventures, the corporate venturing group of the Switzerland-based power and automation technology group. The deal also includes a $2m investment from the Scottish government. The funds will be dispersed in two tranches.
The new funds will be used for the development of the company’s commercial-scale SR2000, which is scheduled for completion in spring 2014, a floating tidal stream turbine concept built around a low-profile cylindrical tube fitted with a pair of horizontal-axis rotors on retractable legs.
Barry Johnston, STP chief executive, said: “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”.