East Coast Oil and Gas Engineering (EC-OG) has secured over £1 million from Castle View Ventures and the Scottish Investment Bank for the development of subsea generation system powered by ocean currents.
EC-OG is developing a power generation system known as the Subsea Power Hub (SPH) which provides localised electrical power directly to remote subsea locations by converting ocean currents into renewable power to reduce operating costs, according to the Aberdeen-based company.
The long-term strategic investment from Scottish Investment Bank and Castle View Ventures follows the announcement of a £1.2 million research and development grant from the High Growth Start-Up Unit in December 2015.
The funding will be used for the commercialization of SPH, which is expected to accelerate the growth of the company.
According to EC-OG, by using the SPH, clients in the oil and gas sector can reconfigure their electrical supply systems to make them more efficient.
Richard Knox , Managing Director of EC-OG, said: “This investment forms part of the continued support from Scottish Enterprise, where the High Growth team in particular has delivered personalised support to promote domestic and international growth here at EC-OG.
“The investments from Castle View Ventures and the Scottish Investment Bank are concrete votes of confidence in the strategy of EC-OG and will allow our rapid growth to continue. We’re building a future where power supply and distribution costs are substantially reduced.”
Martin Bell from Castle View Ventures added: “The SPH is a beacon for the future of the oil and gas industry, such an original concept which will provide real results for clients.”
Take a look at the video showcasing the working principles behind EC-OG’s Subsea Power Hub technology.