Canadian tidal project nets $10.5 mln in private equity funding
Black Rock Tidal Power, a division of Germany's Schottel Group, has received $10.5 million to finance its Triton project, a floating platform carrying instream turbines that generate up to 2.5 megawatts of electricity from tidal currents. The investors included Singapore-based clean technology investor Envirotek, Inerjys Ventures, a Canadian venture capital firm, and Schottel shareholders. The funding, along with a $4.5 million commercial loan, will support the installation of the Triton platform at Nova Scotia's Fundy Ocean Research Centre for Energy in 2016. Black Rock said it will also create the potential for more Triton projects in the Bay of Fundy and around the world.
20 October 2015•3 mins read
