The Scottish Investment Bank has committed £1m to tidal outfit Sustainable Marine Energy (SME) to develop its PLAT-I platform device.
The investment was made on behalf of the Scottish Government via the latter’s Energy Investment Fund.
SME has secured equity investment totalling £3.46m in its latest funding round with German renewables developer Schottel Hydro contributing £2.46m.
Scottish Investment Bank director Kerry Sharp said SME had “repeatedly proved its resourcefulness”.
“This investment could ultimately see SME further its commercial activity, placing the company at the forefront of the development of tidal energy technologies and further cementing Scotland’s position as a leading player in the global transition to a low-carbon economy,” she added.
SME director Jason Hayman said: “It is fantastic and a great testament to the team for all their hard work to close this funding round.
“Securing new investment from the Scottish Investment Bank and commitment from Schottel for our work in Nova Scotia will enable us to take a significant step forward on our renewable energy journey.”
SME undertook initial testing of the PLAT-I system near Connel in Argyll and Bute last year before the device (pictured) was transported to Grand Passage in the Canadian province of Nova Scotia.
The developer is continuing its testing and demonstration programme in preparation for the build out of a larger project at the Fundy Ocean Research Centre for Energy in the Bay of Fundy.