UK-based tidal power developer Scotrenewables Tidal Power has raised £5.7m ($8.4m) in funding from investors including power and automation company ABB and Total New Energies, the corporate venturing arm of petroleum producer Total.
The round also featured renewable energy producer DP Energy, heavy industrial product manufacturer Harland & Wolff, marine services provider Scotmarine, corporate holding companies Bonheur and Ganger Rolf, and the Scottish Government-owned Renewable Energy Investment Fund, which invested £2.65m.
Scotrenewables will use the money to bring its SR2000 floating tidal turbine system to demonstration stage. The 2MW prototype is being built at the Harland & Wolff shipyard in Belfast, Northern Ireland.
ABB led a $12m round for Scotrenewables in 2013 that included Total New Energies, Bonheur and Ganger Rolf, the latter two of which act as holding companies for maritime services company Fred.Olsen.
The company previously raised $14.5m in 2012 from Fred.Olsen, Total, ABB Technology Ventures, which is ABB’s corporate venturing vehicle, and the Scottish Government.
– Photo courtesy of Scotrenewables Tidal Power Ltd.