Aberdeen-based investment specialists Simmons and Co has been tasked with raising funds for the commercialisation of the world’s largest and most powerful tidal current turbine.
Scotrenewables Tidal Power will use the new funding to take forward plans for its 2MW floating SR2000 prototype.
Simmons and Co’s Aberdeen office will lead the fundraising project.
The move follows a 12 month successful test programme, culminating in the SR2000 producing more than 116 MWh in under a week of continuous generation at EMEC, the European Marine Energy Test Centre in Orkney.
The grid-connected turbine supplied 7% of Orkney’s electricity demand over this time with shorter periods where that contribution exceeded 25% of demand.
In recent days, the SR2000 has been generating more than 20MWh per day, including 6MWh in a single tide.
Andrew Scott, chief executive of Scotrenewables Tidal Power said: “Given the significant progress we are making with our SR2000 floating tidal system, and our pipeline of projects in UK and overseas waters, we have appointed Simmons & Company International in Aberdeen to assist us with a funding round to secure new equity investment.
“This new investment will support the completion of our commercialisation programme and deliver our first commercial tidal arrays.”
Simmons & Company International is one of the largest and most experienced investment banking teams in the energy industry, offering M&A advisory, capital markets execution and investment research.