Dec. 13 (Bloomberg) -- Scotrenewables Tidal Power Ltd., a developer of turbines that use the tides to generate electricity, received 7.6 million pounds ($12.3 million) from investors including Total SA and ABB Ltd.’s venture capital arm.
Fred Olsen Ltd. contributed to the funding, which will support the design, construction, installation and testing of Scotrenewables 2-megawatt commercial-scale turbine, the Scottish government said today in an e-mailed statement. The company will use a grant from the government it received earlier in the year for the project.
The company on Nov. 14 won rights to develop a 30-megawatt project off the Orkney Islands in northern Scotland. While no commercial-scale facilities are in operation, the government estimates that energy from the waves and tides has the potential to meet as much as 20 percent of Britain’s current electricity demand. Scotland is estimated to have about a quarter of Europe’s tidal resource.
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