ABB Takes Stake in Tidal Power

Press Release
Wednesday, March 13, 2013

ABB has led a $12 million investment in Scotrenewables Tidal Power, (of Scotland), a provider of tidal turbine systems.

The funding is being used specifically to roll out a larger and more advanced tidal energy conversion system known as the SR2000. The floating 2 megawatt turbine includes a number of innovations to deliver simplicity, low mass, rapid connection/disconnection and heightened survivability. Scheduled for completion next year, it will be the first of a number of commercial units installed in the Lashy Sound tidal demonstrator project in Orkney, where Scotrenewables is based.

ABB’s participation was made through its venture capital unit, ABB Technology Ventures (ATV), which invests in early and growth stage companies with technologies of strategic importance to the industries it serves. The investment round included participation from existing strategic investors Total New Energies, a unit of oil major Total, and Fred. Olsen, the Norwegian maritime conglomerate, through its associated Bonheur and Ganger Rolf holding companies.

“ABB led a comprehensive review of tidal stream technology and concluded that Scotrenewables was well below its peers in capital outlay per megawatt and overall power delivery cost,” said Grant Allen, senior VP of ATV. “Scotrenewables has designed a remarkably robust hydrokinetic unit which, by nature of its easily accessible floating design bypasses many of the maintenance issues that confront other marine startups.”

Aligning with Scotrenewables is a natural, strategic fit for ABB given the switchgear, transformers, cabling and other electrical gear being used in the containerized design. Through its UK operations, ABB engineers have already been working closely with the company on packaging and integration. The ATV investment complements current competencies in marine energy harvesting through ABB’s prior early-stage investment in Aquamarine, a leader in near-shore wave power development.
 

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

MV Cape Ray Signals DTRA 'Mission Complete'

The Defense Threat Reduction Agency announces the successful completion of the Cape Ray's mission to destroy Syria's chemical weapons components at sea. The Defense Threat Reduction Agency/U.

BWTS SeaCURE Gains USCG AMS Acceptance

Evoqua Water Technologies LLC says that its SeaCURE Ballast Water Treatment System (BWTS) has been granted AMS Acceptance in all salinities. System highlights

New Offshore Vessel Management Mobile App

Telerik says that its customer Bhagwan Marine, a leader in servicing the oil and gas industry, together with partner, Glenfield Digital Group, has released the

Offshore Energy

Maersk Drilling Rig Team Train Local Talent

Maersk Drilling says that its 'Mærsk Deliverer' rig team has initiated seven local acceleration programmes in Angola. The goal is to train and develop local talent

Russia Conducts High North Geophysical Surveys

For the first time, as part of the Arctic-2014 high-latitude expedition, nuclear icebreakers 'Akademik Fedorov' and 'Yamal' have conducted an entire complex of geophysical research at the North Pole,

Mærsk Putting Valuable Experience to Good Use

The Mærsk Deliverer rig team has initiated seven local acceleration programmes in Angola. The goal is to train and develop local talent to take on increasingly

Underwater Engineering

Maersk Drilling Rig Team Train Local Talent

Maersk Drilling says that its 'Mærsk Deliverer' rig team has initiated seven local acceleration programmes in Angola. The goal is to train and develop local talent

Mærsk Putting Valuable Experience to Good Use

The Mærsk Deliverer rig team has initiated seven local acceleration programmes in Angola. The goal is to train and develop local talent to take on increasingly

CIMC Raffles' COSLInnovator is "Rig of the Month"

In July 2014, the CIMC Raffles North Sea semisubmersible drilling rig unit, COSLInnovator, was awarded as "Rig of the Month” again by STATOIL. It is the fifth

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1112 sec (9 req/sec)