Tidal renewables firm plans fundraising move

A Scottish tidal energy firm has appointed financial advisers as it looks to raise funds to commercialise its technology.

Scotrenewables Tidal Power, which is behind the largest and most powerful tidal current turbine in the world, said Simmons & Company International, the specialist energy arm of US investment Bank Piper Jaffray, will lead the investment process out of its Aberdeen office.

The Kirkwall-based com- pany said that the fundraising move follows a successful test programme over the past 12 months which culminated in its flagship SR2000 floating turbine generating 7 per cent of Orkney’s electricity demand during a week of trials at the European Marine Energy Centre which is based on the islands.

Scotrenewables chief executive Andrew Scott said: “This new investment will support the completion of our commercialisation programme and deliver our first commercial tidal arrays.”