Sustainable Marine Energy raises £3.5m Series A round led by Scottish Investment Bank and SCHOTTEL HYDRO
The Series A round was led by the Scottish Investment Bank and SCHOTTEL HYDRO to further develop the PLAT-I system.
Sustainable Marine Energy develops tidal energy technology, including the PLAT-I platform system. The business tests its marine renewable energy devices in locations such as Nova Scotia.
Sustainable Marine Energy has secured £3.5m in a Series A funding round led by the Scottish Investment Bank alongside SCHOTTEL HYDRO. The capital will support the continued development of the company's PLAT-I tidal energy platform system.
The Edinburgh-based business has previously tested the PLAT-I device in Argyll and Bute before deploying it to Nova Scotia. The ongoing trials prepare the firm for larger projects at the Bay of Fundy.
From the founder
"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."
Jason Hayman
Managing Director at Sustainable Marine Energy
Investor perspective
"SME has repeatedly proved its resourcefulness, culminating in the successful testing of its innovative PLAT-I platform and generation of first power. We’ve supported the company every step of the way since it relocated to Scotland in 2016 and have underlined our continued backing by contributing to its latest fund-raise."
Kerry Sharp
Director, Scottish Investment Bank
Use of funds
- 01Continue product development
- 02Fund research and development
Investors
Categories
About the company
Sustainable Marine Energy
Sustainable Marine Energy develops tidal energy platform systems.