Orkney-based Scotrenewables Tidal Power Ltd has received fresh financial backing and has made director appointments, ahead of starting to build an optimised 2MW floating tidal turbine that will be installed at the European Marine Energy Centre (EMEC) in Orkney.

The multi-million-pound project is led by a private investment group that includes the McGrath family and sector
leader Matthias Haag; it also has support from the Scottish government’s Energy Investment Fund.

As an award-winning technology developer and investor, Matt McGrath has significant business experience, having built up and run Scotland- and Hong Kong-based Aircraft Medical, with operations in over 50 countries (he sold it in 2015 for $110 million).

Matthias Haag was recently chief executive officer of Gemini, which was built under his leadership over the last three years and is now providing revenues of about 400 million euros per year.

Gemini was project financed with 2.8 billion euros by more than 25 global banks, the EIB and three export credit agencies.

Other McGrath family investors include Sian George (née McGrath), who has chaired the Board of Scotrenewables since February 2016 (and will continue to do so).

She is a proven leader in the energy technology and services sector, having previously been the CEO of Ocean Energy Europe (the trade body for ocean renewables in Europe).

Since joining the marine energy sector in 2005 she has served on several advisory boards for the UK Government and the European Commission.

Scotrenewables (www.scotrenewables.com) CEO Andrew Scott said: “As we enter a new exciting phase of turbine build and commercialisation, the new appointments add significant industry and commercial experience, and I’m looking forward to having their support and input.”