PRESS RELEASE: Scotrenewables Tidal Power kicks off new funding round
Scotrenewables Tidal Power, the developer of the largest and most powerful tidal current turbine in the world, its 2MW floating SR2000, is embarking on a new funding round to take forward its tidal technology towards commercialisation. It has appointed financial advisors Simmons & Company International, the energy specialists of US Investment Bank Piper Jaffray, to lead the investment process out of its Aberdeen office.
The move follows a successful test programme over the past 12months, culminating in the SR2000 producing more than 116 MWh in under a week of continuous generation at EMEC, the European Marine Energy Test Centre in Orkney. The grid-connected turbine supplied 7 % of Orkney’s electricity demand over this time with shorter periods where that contribution exceeded 25% of demand. In recent days, the SR2000 has been generating more than 20MWh per day, including 6MWh in a single tide.
Andrew Scott, CEO of Scotrenewables Tidal Power said: “Given the significant progress we are making with our SR2000 floating tidal system, and our pipeline of projects in UK and overseas waters, we have appointed Simmons & Company International in Aberdeen to assist us with a funding round to secure new equity investment. This new investment will support the completion of our commercialisation programme and deliver our first commercial tidal arrays.”
Simmons & Company International is one of the largest and most experienced investment banking teams in the energy industry, offering M&A advisory, capital markets execution and investment research.
Media contacts at Scotrenewables Tidal Power Ltd:
Investment contacts at Simmons and Company International:
ABOUT SCOTRENEWABLES TIDAL POWER (www.orbitalmarine.com) :
Scotrenewables Tidal Power Limited is an innovative Scottish engineering company focused on the development of a tidal energy turbine technology with the potential to produce a step-change reduction in the cost of energy from tidal currents. The company’s novel floating technology offers a low cost solution for simplified and safe manufacture, installation, access and maintenance along with the ability to use low cost, small workboats for all offshore operations. The company currently employs 26 staff with offices in Orkney and Edinburgh.
The technology has been under continuous engineering development, including rigorous testing of scaled systems in both tank conditions and open ocean environments, since the company was founded in Orkney in 2002. In 2012 the company achieved a world’s first when it exported power to the UK grid from its 250kW floating scale model.
The current SR2000, the world’s largest operating tidal turbine, was launched from the Harland & Wolff shipyard, Belfast, in May 2016 before being towed to Orkney.
The SR2000 project has been supported by Scottish Enterprise’s WATERS II scheme along with investments from Scotrenewables’ shareholders which include ABB, DP Energy, Fred. Olsen, Total and Scottish Government via the Renewable Energy Investment Fund (REIF).
Scotrenewables has been selected by the European Commission to lead on the engineering and delivery of an enhanced model of the SR2000 machine. Leveraging £7m Horizon 2020 funding Scotrenewables will lead an industrial consortium to optimise the SR2000 under the “FloTEC” project which is scheduled to run until 2019.
PRESS RELEASE: Scotrenewables powers Orkney grid.
SR2000 floating tidal turbine produces 116MWh in less than a week of continuous generation: 7% of Orkney’s electricity demand
Scotrenewables Tidal Power has achieved further impressive outputs from ongoing testing of its 2MW floating tidal generator, the SR2000 at the European Marine Energy Centre (EMEC). The SR2000 produced more than 116 MWh in under a week of continuous generation which took place last month. Over a seven day period, the turbine met the electricity demand of nearly 7% of the entire Orkney Islands, with shorter periods where that contribution exceeded 25% of demand.
Speaking about the performance of the SR2000, the largest and most powerful tidal current turbine in the world, CEO of Scotrenewables, Andrew Scott, said: “We are tremendously pleased with these latest results from the test programme. The SR2000 has met, and in many instances exceeded expectations, and combined with the fact this is the world’s most powerful operating tidal turbine it means we’re making a material contribution to the generation mix in Orkney with just this single unit. ”
Scottish Government Minister for Business, Innovation and Energy Paul Wheelhouse commenting on the news said: “I visited Orkney a year ago just as Scotrenewables was starting its test programme for the SR2000 turbine at EMEC. I am delighted to hear that the SR2000 has passed the seven day continuous generation test with flying colours and is exporting an impressive amount of power to the Orkney grid – meeting nearly 7% of electricity demand for the Islands in the process.”
PRESS RELEASE: Scotrenewables clocks up the power
Having reached the 2MW rated capacity of their SR2000 tidal turbine earlier in April, and setting a new tidal industry benchmark, Scotrenewables have now generated over 18MWh within a continuous 24hr testing period; a performance level which matches established offshore wind turbines.
Speaking of the achievement, believed to be another tidal industry record, the CEO of Scotrenewables, Andrew Scott, said: “Recognising we are still in the early stages of our demonstration programme this is a tremendously reassuring level of performance to be achieving, one which provides further confidence in our technology’s ability to deliver a significant step reduction in the cost of energy from tidal stream and meet our future customers’ needs.”
The 2MW SR2000 is undergoing a comprehensive, grid connected, test programme at the European Marine Energy Centre in Orkney focused on demonstrating power and hydrodynamic performance of the patented floating turbine technology in parallel with a low cost maintenance and vessel strategy.
Jonathan Meason, Scotrenewables’ Engineering Manager said: “The SR2000 is providing invaluable experience and validation of our engineering - both of which are informing the optimisation exercise which we are undertaking within our flagship Horizon 2020 project; where we are confident we can considerably increase the performance from the system in parallel with reducing costs and risks.”
Scotrenewables’ EU funded Horizon 2020 project, “FloTEC”, is a collaborative industry and supply chain initiative aimed at further reducing the cost of energy from the company’s technology and providing the basis to commence commercial sales.
The SR2000 was conservatively engineered and built with a 16m rotor diameter for each of its 1MW turbines, improvements under the FloTEC project include increasing diameters to 20m with composite blades developed with project partners EireComposites. This step alone is projected to increase annual yield from turbines by over 50%.
PRESS RELEASE: The world's most powerful tidal turbine hits peak power
The world’s most powerful tidal turbine, developed and manufactured by Scottish engineering company Scotrenewables Tidal Power Limited, has reached full rated power at the European Marine Energy Centre, Orkney.
After undergoing grid connected commissioning works prior to Christmas last year, the ‘SR2000’ was re-connected to its subsea cable in a low cost connection operation that took under an hour. All offshore operations have been delivered with small crew transfer vessels or locally based workboats.
Following energisation, the 500 tonne floating tidal turbine commenced generation and power export to the local Orkney grid. Since then the turbine has been undergoing a phased testing programme leading to full, 2MW rated export capacity being achieved on 12th April.
Andrew Scott, CEO, said: “We are tremendously excited to have the SR2000 demonstrating the performance and cost advantages of our floating tidal technology, in line with forecasts, whilst delivering new benchmarks within the tidal sector. This performance resets the bar for the costs of delivering tidal power. Achieving this industry milestone is a goal the team at Scotrenewables have worked tirelessly towards for a long time - the credit lies with them for these fantastic achievements.”
The company is focused on building generation up on the SR2000 over the immediate future and demonstrating its power performance in parallel with its unique low operational costs.
This deployment is already feeding into design optimisations being made under the company’s commercialisation project, FloTEC, which will see an even lower cost SR2000 model rolled out as a commercial offering in 2018.
Simon de Pietro, CEO, DP Energy, said: “This is a significant milestone for Scotrenewables and for tidal energy and we look forward to seeing the deployment of the technology in commercial arrays in the coming years as part of the overall solution for the marine energy sector”.
Kurt Kaltenegger, Head of Technology, ABB Technology Ventures, said: “The SR2000 project offers a compelling demonstration of how Scotrenewables can deliver predictable, cost effective, low carbon energy through its propriety floating tidal platform technology”.
Julien Pouget, Senior Vice President Renewables, Total, said: “For Total, contributing to the development of renewable energies is as much a strategic choice as an industrial responsibility. As a shareholder of Scotrenewables Tidal Power Limited we are proud to take part in a project that demonstrates how powerful utility scale tidal turbines can be deployed and maintained with low cost, locally based vessels towards a step-change cost reduction for the tidal energy sector”.
Founder and Director, Barry Johnston, said: “After developing the initial concept more than a decade ago, it’s fantastic to now see the latest evolution of the tidal turbine proving it’s low cost power generation capability onsite connected to the UK national grid”.