Sabella is currently raising funds with the targeted amount of €6 mln aimed at turbines’ commercialization and company’s international expansion.
This represents the second fundraising organized by Sabella, a French tidal energy developer, following the one held last year for its D10 tidal turbine project.
The goal was to raise €5.8 mln, and Sabella managed to amass the funding in the amount of €4.3 mln.
The goal of this year’s €6 mln fundraising is threefold. The company plans to allocate €1.5 mln for the completion of D10 tidal turbine project, and €4.5 mln for the development of its more advanced D15 tidal turbine, as well as for commercialization and internationalization efforts.
According to Sabella, basic engineering for its D15 tidal turbine has been completed, and the company’s team is expected to continue with detail engineering and prototyping of the device, following the completion of D10 tidal turbine project at Fromveur Passage.
Sabella has already received funding boost from Bpifrance earlier this year to advance its D15 tidal turbine.
The D10 tidal project is expected to be completed late in July.
Bpifrance is a public investment bank that aims to invest €8 bln in French companies by 2017.