Latest News

Published on

PRESS RELEASE: NEW INVESTMENT IN PREPARATION FOR NEW TURBINE BUILD

NEW INVESTMENT IN PREPARATION FOR NEW TURBINE BUILD

TECHNOLOGY INVESTOR MATT MCGRATH AND INDUSTRY LEADERS TO JOIN BOARD OF DIRECTORS.

ISSUE DATE: 26/09/18

Scotrenewables welcomes new investment and director appointments ahead of starting a new turbine build which will see an optimised 2MW floating turbine installed at the European Marine Energy Centre in Orkney. The multi-million pound investment is led by a private investor group including the McGrath family, sector leader Matthias Haag as well as ongoing public sector support through the Scottish Government’s Energy Investment Fund.

As an award winning technology developer and investor Matt McGrath brings significant business experience, having built and operated his own equipment manufacturing business, Scotland and Hong Kong based Aircraft Medical, with operations in over 50 countries before its $110m sale in 2015.

Matthias Haag’s most recent role was Chief Executive Officer of Gemini, one of the largest offshore wind parks in the world. The 600MW Gemini wind park has been built under his leadership over the last three years and is now providing revenues of about €400 million per year.  Gemini was project financed with € 2.8 billion by more than 25 global banks, the EIB and three Export Credit Agencies.

McGrath family investors include Sian George (née McGrath) who has Chaired the Board of Scotrenewables since February 2016, and will continue to do so.  As a sector investor Sian George is a proven leader in the energy technology and services sector. She was previously the CEO of Ocean Energy Europe, the trade body for ocean renewables in Europe. Since joining the marine energy sector in 2005 she has served on several advisory boards for the UK government and European Commission.

Scotrenewables CEO, Andrew Scott, said of the investment: “As we enter a new exciting phase of turbine build and commercialisation, the new appointments add significant industry and commercial experience and I’m looking forward to having their support and input”. 

Speaking for the McGrath family, Matt said “We have been involved in the renewable sector for some time and have developed a strong belief in floating tidal stream converters. The recent records achieved by Scotrenewables are a demonstration of a platform technology that works, and with time we see it has enormous potential”

Paul Wheelhouse, Scotland’s Minister for Energy, Connectivity and the Islands said “I am delighted that Scotrenewables Tidal Power has secured private investment that will support its ongoing development so soon after it announced that its ‘SR2000’ tidal turbine in Orkney - the most powerful turbine deployed in the World - has already generated 3 GWh of electricity to the grid in the past 12 months. Scotland continues to lead the World in the development and deployment of tidal stream technologies and this latest investment is yet more evidence of the strength of Scotland’s marine energy sector; a sector that has a potentially significant role to play in the energy transition, both at home and in international markets.”

Ends

Media contacts at Scotrenewables Tidal Power Ltd:

James Murray, Business Development Manager: 01856 851641 / This email address is being protected from spambots. You need JavaScript enabled to view it.

Paul Taylor, Taylor Keogh Communications: 020 8392 8250 / This email address is being protected from spambots. You need JavaScript enabled to view it.

For Scottish media enquiries, David Budge:  0141 249 0396 / This email address is being protected from spambots. You need JavaScript enabled to view it.

Notes to Editor:

About The Energy Investment Fund

The Energy Investment Fund (EIF) was launched as part of the Scottish Government’s Energy Strategy, published in December 2017, and is delivered by the Scottish Investment Bank, the investment arm of Scottish Enterprise – on behalf of the Scottish Government and its Enterprise Agencies. Building on the success of its predecessor, the Renewable Energy Investment Fund, EIF provides flexible investment and debt funding for energy projects in Scotland that will facilitate, catalyse and accelerate Scotland’s transition to a low carbon economy.

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 2016 the company launched the SR2000, the world’s most powerful tidal stream turbine.  The SR2000 produced in excess of 3GWh of electricity over its test programme.  In its last 12 months of continuous operation,  the SR2000 supplied the equivalent annual electricity demand of around 830 UK households and at times over 25% of the electricity demand of the Orkney Islands.
Published on

PRESS RELEASE: SCOTRENEWABLES TIDAL POWER COMMENCES SITE PREPARATION FOR COMMERCIAL PRODUCTION UNIT

Record breaking SR2000 turbine to be recovered from European Marine Energy Centre in Orkney ahead of site preparations for optimised production model.

In a move to start site preparation work for their optimised 2MW floating tidal turbine, Scotrenewables Tidal Power have started work to remove the SR2000 turbine from its test berth at EMEC.  The SR2000’s withdrawal from service at EMEC follows a record breaking year of testing which saw it generate in excess of 3GWh of renewable electricity.  

CEO Andrew Scott said: “The last 12 months have provided unrivalled validation of our engineering and, more importantly, our low cost, low risk solution for tidal stream energy. Our priority now is to ensure we build on this success with the delivery of our next generation turbine, which is supported by EU Horizon2020 funding under the FloTEC project. Having completed the engineering designs for the SR2-2000, we are now preparing for the build and installation phase – this will see the new, optimised unit installed at EMEC. As such, we need to start preparing the site for that installation and concentrate our resources on the build.”  The new SR2-2000 is scheduled to be launched next year and deployed in the early part of 2020.

Commenting on the future of the SR2000, Andrew Scott said: “We are immensely proud of what the SR2000 has achieved in its first year of near-continuous operation, having broken all previous records.  Its exceptional performance has been widely acknowledged, and we are now in discussions with a number of interested parties on the potential to re-deploy the turbine at other sites internationally.”

 

Media contacts at Scotrenewables Tidal Power Ltd:

James Murray, Business Development Manager: 01856 851641 / This email address is being protected from spambots. You need JavaScript enabled to view it.

Paul Taylor, Taylor Keogh Communications: 020 8392 8250 / This email address is being protected from spambots. You need JavaScript enabled to view it.

For Scottish media enquiries, David Budge:  0141 249 0396 / This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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 SR2000 was launched from Belfast’s Harland & Wolff shipyard 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). The testing programme at EMEC is supported via the FORESEA Interreg-NWE funded project.
  • Scotrenewables has been selected by the European Commission to lead on the engineering and delivery of an optimised model of the SR2000 machine, the SR2-2000. Leveraging £7m Horizon 2020 funding Scotrenewables is lead an industrial consortium to optimise the SR2000 under the “FloTEC” project. 
Published on

PRESS RELEASE: SCOTRENEWABLES TIDAL CLOCKS RECORD LEVEL OF POWER GENERATION

Tidal stream prototype generates 3GWh of predictable renewable electricity in under 12 months

at European Marine Energy Centre in Orkney

Scotrenewables Tidal Power has set another record with its first 2MW floating tidal stream turbine with the unit clocking up over 3GWh of renewable electricity in its first year of testing at the European Marine Energy Centre (EMEC) in Orkney, Scotland. 

In 12 months of continuous operation, including during the worst winter storms in recent years, the pioneering SR2000 – the world’s most powerful operating tidal stream turbine - has supplied the equivalent annual electricity demand of around 830 UK households and at times has been supplying over 25% of the electricity demand of the Orkney Islands.

Underlining the significance of the company’s achievement, and its contribution to the progress of the tidal industry, the 3GWh generated by the SR2000 over the past 12 months is more power than that generated by the entire wave and tidal energy sectors in Scotland in the twelve years prior to the launch of the SR2000 in 2016.

The team at Scotrenewables believes that this, combined with Meygen’s generation of over 8GWh over the past year from four tidal turbines deployed in the Pentland Firth, is convincing evidence of tidal power’s market readiness.

Andrew Scott, Chief Executive Officer of Scotrenewables Tidal Power said: “The SR2000’s phenomenal performance has set a new benchmark for the tidal industry. Despite being an R&D project, and it being our first full scale turbine, its first year of testing has delivered a performance level approaching that of widely deployed mature renewable technologies”.

“The ability to easily access the SR2000 for routine maintenance has been a significant factor in our ability to generate electricity at such levels over the past 12 months, including over winter.  In addition, accessing the SR2000 using “RIBs” and other similar types of low-cost vessel means that our operating costs and outage times are kept to a minimum.”

With support from the EU’s Horizon 2020 scheme, Scotrenewables Tidal Power is planning to start the build of a 2MW commercial production unit later in the year which will also go to Orkney for testing before the company targets sales of the turbine.

Andrew Scott added: “The SR2000 has completed the job of demonstrating that we have a breakthrough technology and we will now be shifting all our focus and resources towards building on that success with a product which we are confident can enable a new industry created around a predictable renewable energy source.”

Commenting on UK government policy, Andrew Scott said: “We are dismayed that there is a total lack of market support here in the UK for our technology, and we have no option but to focus our business on overseas opportunities.”

In May 2018, a report from the Offshore Renewable Energy Catapult said that the tidal stream industry could generate a net cumulative benefit to the UK of £1,400m, including considerable exports, and support 4,000 jobs by 2030.

 

Media contacts at Scotrenewables Tidal Power Ltd:

James Murray, Business Development Manager: 01856 851641 / This email address is being protected from spambots. You need JavaScript enabled to view it.

Paul Taylor, Taylor Keogh Communications: 020 8392 8250 / This email address is being protected from spambots. You need JavaScript enabled to view it.

For Scottish media enquiries, David Budge:  0141 249 0396 / This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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 SR2000 was launched from Belfast’s Harland & Wolff shipyard 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). The testing programme at EMEC is supported via the FORESEA Interreg-NWE funded project.
Published on

Statement on TIDAL STREAM AND WAVE ENERGY COST REDUCTION AND INDUSTRIAL BENEFIT report by ORE CATAPULT.

reportcover

Scotrenewables Tidal Power, the leading developer of floating tidal energy systems, welcomes the TIDAL STREAM AND WAVE ENERGY COST REDUCTION AND INDUSTRIAL BENEFIT report, published by ORE Catapult today.  Speaking at All-Energy in Glasgow, Andrew Scott, Chief Executive Officer of Scotrenewables Tidal Power said, “

 “The ORE Catapult study presents a hugely compelling case to implement structured commercial markets for tidal energy that will enable the investment required to build the tidal energy industry in the UK. The report validates our own cost analysis of our 2MW SR2000 turbine which has been successfully operating at EMEC over the past year.

This is an industry with an existing supply chain which can grow substantially more if the right market framework is put in place. There is a massive opportunity to build the tidal sector in the UK and a global export industry, based around skills and technology. And let’s not forget that this industrial opportunity can be realised whilst capturing the environmental, economic and security benefits which come from a predictable renewable energy source.”

 

Report link

 

Media Enquiries: James Murray, Business Development Manager, Scotrenewables Tidal Power

This email address is being protected from spambots. You need JavaScript enabled to view it.

Tel. 01856 851641