Dutch company SeaQurrent has closed a multi-million euro funding round, securing support from major organizations for the development of its tidal energy technology and projects.
Together with the existing shareholders, SeaQurrent has welcomed EIT InnoEnergy , PMH Investments , Invest-NL , FOM (Fund for Frisian companies) , and NOM (Investment and Development Agency for the Northern Netherlands) as its new shareholders, who have contributed over €4.8 million to the company.
SeaQurrent is developing an innovative tidal energy converter, the TidalKite.
Since 2016 and various scale model tests – at MARIN and in the Wadden Sea – SeaQurrent is now working towards a demonstration of the fourth model of the TidalKite at Ameland.
Youri Wentzel , CEO of SeaQurrent, said: “We are proud to announce that we have successfully completed this latest financing round. This investment enables us to further shape the development of our distinctive technology and of pilot projects. The quality of the new investors contributes to the growth of our company.”
Raymond Meeuwsen , investment manager at EIT InnoEnergy, added : “We are convinced that tidal energy will become an important part of the European energy mix and that TidalKite can make a distinctive and important contribution to this. Our industrial connections and energy-specific expertise align well with SeaQurrent’s needs and development.”
A multi-wing underwater kite – measuring 9 by 12 meters – TidalKite can generate enough electricity to supply an equivalent of 700 Dutch households with energy annually, according to SeaQurrent.
TidalKite power plant will consist of series of underwater kites, each anchored to a monopile in the seabed with a high-tech cable. ‘Flying’ underwater across the current, the traction force generated by the TidalKite drives a hydro motor, which in turn drives a generator, generating green electricity to the grid.
Being able to perform every day of the year, the technology is said to reduce the need for storage from other renewable sources. Moreover, the environmental impact is minimal and there is also no ‘visual pollution’, SeaQurrent claims.