New multinational investment to power Orkney tidal turbine development
- 13 December 2012
- From the section NE Scotland, Orkney & Shetland
An Orkney company is to press ahead with the development of a new-generation tidal turbine after securing £7.6m of funding.
The investment will fund the design, construction and testing of Scotrenewables's turbine SR2000.
First Minister Alex Salmond welcomed the announcement from Norwegian shipping company Fred Olsen, French oil and gas firm Total and Swiss technology giant ABB Technology Ventures.
The Scottish government gave £1.24m.
Mr Salmond said: "Scotrenewables's announcement is terrific news and a huge vote of confidence in the Scottish offshore renewables industry."