Member Article

New wave of investment for tidal power company

A pioneering tidal power company has secured a new wave of investment for its eco-friendly electricity generation solution.

Newcastle-based Ocean Flow Energy is set to develop its Evopod tidal energy technology to the next stage after concluding a funding agreement through law firm Ward Hadaway with technology developer Aquamarine Power Ltd.

Evopod is a device for generating green electricity from free flowing tidal streams and ocean currents. Drawing on technologies used in the offshore oil, gas, and wind turbine industries, Evopod uses a mooring system that allows it to float freely on the water while staying in the optimum position to take advantage of tides and currents.

The device can be accessed by boat for maintenance and is designed to operate in severe wind and wave conditions. The device is currently being tested in trials near the coast of Northern Ireland.

Helped by a research and development grant from regional development agency One North East, testing of a 1/10th scale prototype of the Evopod was started in June this year.

The undisclosed investment from Aquamarine Power means that the scale prototype will be developed and tested further.

Graeme Mackie, Ocean Flow Energy’s Managing Director,said: “This is a major step along the road to getting Evopod into full scale production.

“Not only does securing this investment mean we will be able to take the technology further, it is also an important demonstration of the confidence that other people have in the device and in its potential to create green energy.

“We are very grateful to the team at Ward Hadaway for helping to advise us on this investment. They worked very hard to ensure that everyone was happy with the investment and that all the details were ironed out.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .