An Edinburgh-based tidal energy firm has won backing from a German energy company and the Scottish government to help it develop its work in Nova Scotia, Canada.
Sustainable Marine Energy (SME) says it has secured a total equity investment of £3.5 million from the Scottish Investment Bank and the marine propulsion and renewable energy company Schottel Hydro GmbH.
SME will use the cash to further develop its successful PLAT-I system as it targets the potentially lucrative Canadian market.
The platform was tested off the west coast of Scotland last year before being transported to Nova Scotia, where it started generating power for the first time in February.
SME says it is continuing its testing programme in readiness for the launch of a larger project at Nova Scotia’s Fundy Ocean Research Centre for Energy located in the Bay of Fundy.
“It is fantastic – and a great testament to the team for all their hard work,” says Jason Hayman, managing director of SME.
“Securing this new investment for our work in Nova Scotia will enable us to take a significant step forward on our renewable energy journey.”