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

Technology

Unlocking Seabed Secrets with Underwater Robots

From September 22 to October 13, 2014, the NATO Research Vessel Alliance is conducting the Multinational AutoNomy Experiment (MANEX ‘14) along the Ligurian coast

Jaccar Holdings & Hartmann form JV

Jaccar Holdings of Luxemburg and Hartmann Group of Leer, Germany, announce the establishment of a joint venture for the commercial management of ethane carriers.

Keel Laid in S. Korea for 1,200-passenger Vessel

The keel of the 1,200 passenger vessel designed by the engineering and technology group SENER was recently laid in the Factory No. 2 of POSCO PLANTEC, in Ulsan, South Korea.

Offshore Energy

Seismic Cooperation in Barents Sea Gives New Perspectives

Statoil and its partners have completed their joint seismic acquisition project in the south-eastern Barents Sea. New forms of cooperation have ensured resource-efficient acquisition.

Vallianz Acquires OER Holdings for $28m

Vallianz Holdings Limited, a provider of offshore support vessels and integrated marine solutions to the oil and gas industry, has today announced that it is acquiring OER Holdings Pte.

Swire Pacific Acquires 3rd L Class PSV

Shipowner and operator, Swire Pacific Offshore Operations (Pte) Ltd (SPO) celebrated the naming and delivery of its third L Class PSV vessel, Pacific Legend in Kyoto,

Underwater Engineering

Unlocking Seabed Secrets with Underwater Robots

From September 22 to October 13, 2014, the NATO Research Vessel Alliance is conducting the Multinational AutoNomy Experiment (MANEX ‘14) along the Ligurian coast

General Dynamics Bags $ 50 mi Submarine Contracts

General Dynamics Advanced Information Systems, a business unit of General Dynamics was awarded two contract modifications totaling $50 million to continue supporting

Swissco Doubles Rig Fleet

SGX Mainboard-listed Swissco Holdings Limited an integrated, international marine services provider, today announced having completed the acquisition of four additional mobile offshore drilling units,

 
 
Maritime Contracts Maritime Security Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics 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: 0.1851 sec (5 req/sec)