Scotrenewables Tidal Power, a Scottish provider of tidal turbine systems, received a $12m investment.
The round was led by ABB, the global power and automation technology group, which invested via its venture capital unit, ABB Technology Ventures (ATV). Other existing investors Total New Energies and Fred. Olsen, also participated.
The company intends to use the capital to specifically to roll out an advanced tidal energy conversion system known as the SR2000. Scheduled for completion next year, it will be the first of a number of commercial units installed in the Lashy Sound tidal demonstrator project in Orkney, where Scotrenewables is based.
Scotrenewables is led by Barry Johnson, CEO.
FinSMEs
13/03/2013