EEL Energy, a French-based tidal energy developer, has raised approximately €3 million to finance the development of its tidal energy device based on undulating membrane technology.
After testing the concept on small machines, EEL Energy completed a capital increase of around €3 million to fund the development of a 1 MW prototype.
EEL Energy informed that a French company operating in the fields of gas heating and renewable energy, Frisquet SA, became a shareholder in the company.
François Frisquet, CEO of Frisquet, said: “We were attracted by the simplicity and performance of this fully unique technology. This fits with the philosophy of our company. Moreover, the team dynamism and the environmental friendly dimension of their project convinced us to take a stake in EEL Energy.”
Jean-Baptiste Drevet, President of EEL Energy, added: “We are very pleased by the entry of this new industrial shareholder, which demonstrates the relevance of our project, and strengthens the company’s long term visibility.”
EEL tidal energy converter consists of a membrane that optimizes energy transfer by coupling fluid flow with an undulating structure.
The membrane undulates under moving fluid pressure, and this periodic motion is transformed into electricity by an electromechanical system.
The energy is converted along the whole length of the membrane surface.