A subsea energy storage firm aiming to decarbonise the North Sea oil and gas sector has launched a crowdfunding campaign to scale-up its business.
Bridge of Don-based EC-OG said it is seeking public support to reach a £150,000 target in order to make the firm a “fully commercial organisation”.
The firm has developed its sustainable turbine seabed device at the European Marine Energy Centre in Orkney.
Primarily targeting the offshore oil and gas sector, the EC-OG Subsea Power Hub (SPH) underwater battery unit can connect to an array of subsea vessels and equipment.
It can provide autonomous power to subsea infrastructure.
The company said a successful funding campaign would help build on the current team, while also optimising its technology.
EC-OG has grown from a seven founding members to 25 employees.
It has received support of £1.5 million public sector funding and £2.5 million private sector funding.
EC-OG co-founder Richard Knox said: “Crowdfunding in oil and gas is something that we’ve never seen before.
“Those who invest will receive a target 9% annual percentage rate (APR).
“We’re asking the public to get behind EC-OG, our team and be part of accelerating the energy transition.
“The Subsea Power Hub will play a crucial part in decarbonising oil and gas operations and will importantly bring energy storage technology to the subsea environment.”
Winner of Subsea UK’s Best Small Business Award 2017, the firm also has a new workshop currently in construction at the Aberdeen Nevis Business Park that will become a facility for building future Subsea Power Hubs.
EC-OG has also released a new video for prospective investors here.