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.”
Media contacts at Scotrenewables Tidal Power Ltd:
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.scotrenewables.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.