Renewables company Sustainable Marine Energy has secured equity investment of £3.46 million to develop its PLAT-I tidal energy platform system.
Marine propulsion and renewable energy company SCHOTTEL HYDRO GmbH (SCHOTTEL) contributed £2.46 million to the Edinburgh wave energy firm's latest fundraising round.
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The Scottish Investment Bank committed £1 million on behalf of the Scottish Government via the latter’s Energy Investment Fund (EIF).
SME undertook initial testing of the PLAT-I system near Connel, Argyll and Bute in 2018 and it generated power for the first time in Grand Passage, Nova Scotia, in February this year.
SME continues to test it in preparation for the build out of a larger project at the Fundy Ocean Research Centre for Energy (FORCE) located in the Minas Passage of the Bay of Fundy.
Managing director Jason Hayman said: “It is fantastic, and a great testament to the team for all their hard work to close this funding round.
"Securing new investment from the Scottish Investment Bank and commitment from SCHOTTEL for our work in Nova Scotia will enable us to take a significant step forward on our renewable energy journey.”
SIB director Kerry Sharp said: “SME has repeatedly proved its resourcefulness, culminating in the successful testing of its innovative PLAT-I platform and generation of first power.
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"We’ve supported the company every step of the way since it relocated to Scotland in 2016 and have underlined our continued backing by contributing to its latest fund-raise.
“This investment could ultimately see SME further its commercial activity, placing the company at the forefront of the development of tidal energy technologies and further cementing Scotland’s position as a leading player in the global transition to a low-carbon economy.”
