Flumill Raising Funds to Install Tidal-Power Generator in Norway
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Flumill AS, a Norwegian developer of machines to generate power from tides, is raising 57.5 million kroner ($10 million) to install a unit off the northern coast.
Pareto Securities AS will help raise the funds mainly in Europe, Faervik-based Flumill’s Chief Executive Officer Anders Holm said by phone. The developer is talking to venture arms of utilities, industrial companies and equipment manufacturers, as well as venture capital and private-equity funds, he said.