SeaPower Gen Ltd. will search for an industry partner in the second half to help bring its technology for generating electricity from tidal currents to market.
SeaPower plans to raise 250,000 pounds ($390,000) by the middle of 2012 and is talking to so-called angel investors, as well as a mid-size engineering company and a new fund, founder and Chief Executive Officer Donald Bent said by e-mail.
“We will then be in a position within six months of closing the funding to partner with a substantial industrial organisation with a vested interest in large-scale engineering projects,” Bent said. SeaPower will use the money to test its system in the sea before building a full-scale device that will be installed in Anglesey, Wales, or across the River Severn.
The U.K. is seeking to increase the amount of energy it gets from renewable sources to 15 percent of the total by 2020. Energy from waves and tides has the potential to meet as much as 20 percent of current electricity demand, the government says.