The new investment from Triodos Bank, along with new money from hedge fund AM2 (Bermuda) Ltd and some existing shareholders, will support the SeaGen tidal energy project and facilitate the company’s corporate ambitions and future project developments in UK and international waters.

The 1.2MW SeaGen tidal current system which MCT installed in Northern Ireland’s Strangford Lough consists of twin axial flow rotors, each of 16m diameter driving a generator via a gearbox much like a hydro-electric turbine or a wind turbine. The twin power units of each system are mounted on wing-like extensions either side of a tubular steel monopole 3m in diameter which is set in a hole drilled into the seabed.

SeaGen is four times as powerful as the world’s previous most powerful turbine, Seaflow, also operated by MCT off Lynmouth in Devon UK since 2003. Forming the basis for commercial projects to follow, SeaGen is being assembled at Harland & Wolff in Belfast. It will be connected to the local electricity grid and have the capacity to generate clean and predictable power for some 1,000 homes.

Speaking about the new funding, Marine Current Turbine’s managing director Martin Wright said, ‘The new investment partners and the support of our existing shareholders reaffirm the commercial potential for tidal power in the UK and overseas, and recognise our engineering achievements in developing a world leading technology. With SeaGen set to be deployed in August, we are moving ahead with our plans for a 10MW tidal farm, to be installed within the next three years.’