Fred Olsen,, Total andABB Technology Ventures, and the Scottish government construct a $14.5m loan for Scotrenewables Tidal Power to help design, construct and install its commercial-scale tidal turbine.
Scotrenewables Tidal Power (STP) has secured a funding package totaling almost £9m ($14.5m) to take forward development of a next-generation 2MW turbine. The deal comes from Norway-based Fred Olsen, a shipping company, oil company Total and new investor partner ABB Technology Ventures, the corporate venturing group of the Switzerland-based power and automation technology group. The deal also includes a $2m investment from the Scottish government. The funds will be dispersed in two tranches.
The new funds will be used for the development…
