Scotrenewables launches funding round for tidal turbine
A Scottish power company is launching a funding round to seek investment to support the development of its first tidal arrays. Scotrenewables Tidal Power has successfully tested its SR2000 turbine at the European Marine Energy Test Centre in Orkney over the past year. During the trials, it generated more than 116 MWh in under a week, with 6 MWh generated in a single tide. The firm has hired Simmons & Company International, a division of US bank Piper Jaffray, to organise the funding round from Aberdeen.

Scotrenewables Tidal Power Ltd, the Scottish firm developing the 2-MW floating SR2000 tidal current turbine, said today it is launching a funding round to obtain further equity investment.

The company will use the amount raised to support the completion of its commercialisation programme and deliver its first commercial tidal arrays, said chief executive Andrew Scott.

Simmons & Company International, part of US investment bank Piper Jaffray Co (NYSE:PJC), has been hired to run the fundraising effort out of its Aberdeen office.

Scotrenewables is looking to secure new equity after successful testing over the past 12 months, which, as announced in September, saw the SR2000 turbine generate more than 116 MWh in under a week of continuous generation at the European Marine Energy Test Centre (EMEC) in Orkney. The company said that in recent days the SR2000 has been showing daily generation of over 20 MWh, including 6 MWh in a single tide.

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