New investment in preparation for new turbine build.
Scotrenewables welcomes new investment and director appointments ahead of starting a new turbine build which will see an optimised 2MW floating turbine installed at the European Marine Energy Centre in Orkney. The multi-million pound investment is led by a private investor group including the McGrath family, sector leader Matthias Haag as well as ongoing public sector support through the Scottish Government’s Energy Investment Fund.
As an award winning technology developer and investor Matt McGrath brings significant business experience, having built and operated his own equipment manufacturing business, Scotland and Hong Kong based Aircraft Medical, with operations in over 50 countries before its $110m sale in 2015.
Matthias Haag’s most recent role was Chief Executive Officer of Gemini, one of the largest offshore wind parks in the world. The 600MW Gemini wind park has been built under his leadership over the last three years and is now providing revenues of about €400 million per year. Gemini was project financed with € 2.8 billion by more than 25 global banks, the EIB and three Export Credit Agencies.
McGrath family investors include Sian George (née McGrath) who has Chaired the Board of Scotrenewables since February 2016, and will continue to do so. As a sector investor Sian George is a proven leader in the energy technology and services sector. She was previously the CEO of Ocean Energy Europe, the trade body for ocean renewables in Europe. Since joining the marine energy sector in 2005 she has served on several advisory boards for the UK government and European Commission.
Scotrenewables CEO, Andrew Scott, said of the investment: “As we enter a new exciting phase of turbine build and commercialisation, the new appointments add significant industry and commercial experience and I’m looking forward to having their support and input”.
Speaking for the McGrath family, Matt said “We have been involved in the renewable sector for some time and have developed a strong belief in floating tidal stream converters. The recent records achieved by Scotrenewables are a demonstration of a platform technology that works, and with time we see it has enormous potential”
Paul Wheelhouse, Scotland’s Minister for Energy, Connectivity and the Islands said “I am delighted that Scotrenewables Tidal Power has secured private investment that will support its ongoing development so soon after it announced that its ‘SR2000’ tidal turbine in Orkney - the most powerful turbine deployed in the World - has already generated 3 GWh of electricity to the grid in the past 12 months. Scotland continues to lead the World in the development and deployment of tidal stream technologies and this latest investment is yet more evidence of the strength of Scotland’s marine energy sector; a sector that has a potentially significant role to play in the energy transition, both at home and in international markets.”