Green-Tide Turbines, the Cambridge UK company whose technology can generate energy from tidal power, is raising £5 million to accelerate commercialisation.
The funding will be a mix of angel and VC cash and possibly some grants, although these are pretty thin on the ground at present.G-TT also plans to recruit a highly experienced CEO – ex Rolls-Royce – to take over the push for global markets post funding.Founder and current CEO Michael Evans told Business Weekly that the company’s technology development is going great guns thanks to a number of key partnerships with influential players.
Evans said: “We have gained the support of the Environment Agency, which will be providing access to facilities north of Cambridge for installation of our river turbine prototypes and work with us to develop standards and assess environmental impacts with Southampton University.
“A lucrative Joint Venture in Rio is ready to go and will be initiated once funding in the UK company is secured. We have been asked to submit a proposal for installation of two prototype turbines in the heat exchanger outflow of a nuclear power station south of Rio.
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