Edinburgh-based Sustainable Marine Energy Ltd (SME) has secured equity investment totalling £3.46 million to further develop its PLAT-I tidal-energy platform system.
The business has closed its latest funding round, to which the Scottish Investment Bank (SIB) has committed £1 million on behalf of the Scottish Government, while marine propulsion and renewable-energy company Schottel Hydro GmbH has invested £2.46 million.
SME undertook initial testing of the PLAT-I system near Connel (Argyll and Bute) in 2018.
The device was then transported to Grand Passage in Nova Scotia, where it generated power for the first time
in February this year.
SME is continuing its testing programme in preparation for a larger project at the Fundy Ocean Research Centre for Energy, which is located in the Minas Passage.
SME’s managing director, Jason Hayman, said: “It is a great testament to the team for all their hard work to close this funding round. Securing investment from the Scottish Investment Bank and 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.”