Kite Power Systems (KPS), a Glasgow, Scotland, UK-based developer of innovative new kite power technology, secured £2m in equity funding.
The Scottish Investment Bank, the investment arm of Scottish Enterprise, made the investment. It joined E.ON, Schlumberger and Shell Technology Ventures, who announced a combined £5m investment in the company in December 2016.
The company intends to use the funds to further expand and demonstrate the latest iteration of its kite power technology in Scotland.
KPS provides a power system that features two kites which fly up to an altitude of 1500 feet. Both kites are attached by tethers to a winch system that generates electricity as it spools out. According to the company, this technology has the potential to transform the global offshore wind generation market, as it is cheaper to manufacture and requires less construction and installation materials than conventional wind turbines.
In February 2017, KPS had re-located from Essex and consolidated all of its activities in Scotland, establishing a research and test facility near Stranraer and a head office in Glasgow. It already has a team of 20, mainly engineers and aims to grow to 34 by the end of 2017.