Orkney tidal developer Scotrenewables has appointed financial advisors Simmons & Company International as it embarks on a new funding round to take forward its project pipeline.
Simmons, the energy arm of US investment bank Piper Jaffray, will lead the investment process out of its Aberdeen office.
The move follows a test programme of its 2MW SR2000 device over the past 12 months at the European Marine Energy Centre in Orkney.
In recent days, the SR2000 has been generating more than 20 megawatt-hours per day (MWh), including 6MWh in a single tide, Scotrenewables said.
The company aims to install a second device at EMEC in 2019 with larger rotors.
Scotrenewables chief executive Andrew Scott said: “This new investment will support the completion of our commercialisation programme and deliver our first commercial tidal arrays.”
Image: SR2000 (Scotrenewables)
