Sustainable Marine Energy (SME) develops the PLAT-I tidal-energy platform and has been running a testing and demonstration programme since initial trials in 2018. Initial testing began near Connel, Argyll and Bute in 2018 and the system was moved in February this year to Grand Passage, Nova Scotia, where it generated first power. SME is preparing for the build-out of a larger project at the Fundy Ocean Research Centre for Energy (FORCE) in the Minas Passage of the Bay of Fundy. The company relocated to Scotland in 2016 and has received ongoing support from the Scottish Investment Bank. Financially, SME closed a funding round of £3.46 million that will support further testing and development. Testing and demonstration activities continue to progress as the company advances toward commercial-scale projects. Sustainable Marine Energy (SME) develops PLAT-O, an innovative tidal energy platform technology intended to reduce the costs and commercial risks of deploying tidal energy devices and to enable access to deeper water sites where over 60% of the UK tidal stream energy resources are located. The company works closely with Cranfield University on technology development. SME plans to deploy an at-sea prototype in the Solent during 2013 and will expand its IP portfolio over the coming year. Management intends to develop relationships with industrial partners with a view to a trade sale or technology licence agreement after demonstrating the platform's value. The company recently completed external financing and has also received government support to advance its prototype deployment. Commenting investors highlighted SME's experienced management team and the commercial potential of its sector-enabling technology.

Total raised

$5M

Funding rounds

2

Latest round

Equity

Latest activity

Apr 2019