Tidal energy company Sustainable Marine Energy (SME) has secured equity investment of £3.46 million to further develop its PLAT-I tidal energy platform system.
The Edinburgh-based business has closed its latest funding round, to which the Scottish Investment Bank (SIB) has committed £1 million on behalf of the Scottish Government via the latter’s Energy Investment Fund (EIF).
Marine propulsion and renewable energy company Schottel Hydro (Schottel) has contributed £2.46 million to the fund-raise.
SME undertook initial testing of the PLAT-I system near Connel, Argyll and Bute in 2018. The device was then transported to Grand Passage, Nova Scotia, where it generated power for the first time in February this year. There it is continuing SME’s testing and demonstration programme 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.
Jason Hayman, the managing director of Sustainable Marine Energy, 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. 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.”