Greentech Lead America: ABB on Wednesday said has invested in tidal turbine company Scotrenewables Tidal Power.
ABB Technology Ventures (ATV) has led a $12 million investment in Scotrenewables Tidal Power, a provider of tidal turbine systems, to support the rollout of a new hydrokinetic device and to expand ABB’s renewable energy assets.
ATV, which invests in technology companies, says 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.
The funding will be used for launching tidal energy conversion system known as the SR2000, a floating 2 megawatt turbine.
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.
Investing in Scotrenewables is a 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.
ABB’s involvement allows the tidal turbine maker to tackle complex cabling and grid connection challenges, speeding the technology development process.
Investing since 2010, ATV deployed nearly $150 million into sectors including cyber security, smart grid communications, renewable power generation and data center efficiency.