Scottish marine energy company QED Naval has informed that its ongoing crowdfunding campaign has already been 210% oversubscribed, with two more days left for additional investments.
QED Naval reached the goal of £1 million (€1.2 million) in a crowdfunding campaign run on Seedrs platform , exceeding the initial target of £500,000 (€591,000) set at the launch of the fundraiser in June 2022.
So far, QED Naval has secured £1.05 million from 1,220 investors, with the campaign remaining open for two more days.
“This incredible support comes at a really exciting time as we prepare for the government’s funding announcements on auction round 5 (AR5). Having met MP Richard Graham this week, we are particularly excited for the future of QED Naval and believe we are now well positioned to ensure tidal energy plays its part in bringing more certainty and predictability to our energy ecosystem,” the company said in a statement.
According to QED Naval, the funding will be used to advance its tidal energy technology to an industrial scale, with a view to expand its operations to England, Wales and Canada as well.
QED Naval’s flagship product is the Subhub platform – a submersible, gravity-based, foundation platform that has been designed to support the commissioning, testing, transportation, and installation of an array of wave and tidal turbines to the seabed.
The platform will soon be deployed for trials in UK with the aim to demonstrate how tidal energy can be quickly and cost-effectively deployed and maintained over large distances and a broad range of weather conditions, while also serving for the validation of associated design tools and processes.
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