French tidal turbine developer Sabella has secured €8m from the Bpifrance-managed Fonds Ecotechnologies.
The company said the funds would help it to extend its international presence and make technical advances.
The funding is part of France’s Future Investment Program under the auspices of the country’s environment and energy management agency (ADEME).
Investors include Bpifrance Investissement, Force 29 and Litto Invest plus historical shareholders Emertec Gestion, Go Capital and Groupe IWF.
Sabella has developed the D10 turbine, which has been tested off France’s Ushant island in Brittany.
Sabella president Jean-François Daviau said. “We plan to significantly strengthen our workforce in 2017 to accelerate business development and R&D efforts.
“After having carried out a first deployment in France, we plan to carry out several international projects, including those in Asia.”
Bpifrance Investissement deputy director of renewables Gilles Schang added: “We are joining management and historical shareholders to make Sabella the world leader in marine and deploy international expertise on a French basis.”
Image: Sabella
