French tidal energy company Sabella has announced plans to launch a crowdfunding campaign to finance its tidal power research and project activities.
Set to launch on 20 December 2021 on WiSEED platform , the crowdfunding campaign will remain open for two months, until 20 February 2022.
With a minimum investment amount of €100 at an annual rate of 8%, the crowdfunding campaign has a set target of €1.5 million that will be used to finance the company’s research and development activities, as well as for the work in ongoing initiatives like the TIGER project.
To remind, Sabella plans to install two of its innovative 250kW tidal energy turbines in the Gulf of Morbihan in 2022 as part of the EU-backed TIGER project .
The move to launch a crowdfunding campaign comes as tidal energy sector enters the industrial phase, and according to Sabella, the collected proceeds will help the company join in this transition and accelerate its ramp-up.
“This will allow the Quimper-based SME to position itself as a real player in the French energy transition by providing clean, renewable, totally predictable, and entirely invisible source of energy thanks to tidal turbines. This is a bet on the future, largely supported by Europe, which has set itself a target for renewable marine energies of 1GW of installed capacity by 2030”, Sabella said in a statement.
As reported earlier, Sabella joined forces with Scottish tidal energy company Nova Innovation earlier in 2021 to accelerate development of their tidal energy sites in UK and France.
Beforehand, Sabella took over tidal energy assets from GE Renewable Energy which in turn became an equity partner in the company.
The acquired wide portfolio of concepts and technologies offer the possibility for Sabella to define the best suited turbines for different environments, while also opening new market opportunities, the company said at the time.