AN EDINBURGH-BASED tidal energy firm has won backing from a German energy company as well as the Scottish Government in its latest funding round, ahead of a Canadian push.

Sustainable Marine Energy has secured equity investment of £3.5 million from the Scottish Investment Bank and marine propulsion and renewable energy company Schottel Hydro GmbH, which has contributed £2.5m of that total.

SME will put the cash towards further developing its PLAT-I system as it targets the Canadian market.

The firm said as it closed its latest funding round, to which the SIB has committed £1m on behalf of the Scottish Government via the Energy Investment Fund, that it had tested the new system near Connel, Argyll and Bute in 2018.

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The device was then transported to Grand Passage, Nova Scotia, where it generated power for the first time in February this year.

SME is continuing its testing and demonstration programme in preparation for the build-out of a larger project at the Fundy Ocean Research Centre for Energy located in the Minas Passage of the Bay of Fundy.

HeraldScotland:

Jason Hayman, managing director of SME said: “It is fantastic, and a great testament to the team for all their hard work to close this funding round.

“Securing new investment from the Scottish Investment Bank and commitment from Schottel for our work in Nova Scotia will enable us to take a significant step forward on our renewable energy journey.”

Kerry Sharp, SIB director, said: “SME has repeatedly proved its resourcefulness, culminating in the successful testing of its innovative PLAT-I platform and generation of first power.

“We’ve supported the company every step of the way since it relocated to Scotland in 2016 and have underlined our continued backing by contributing to its latest fundraise.”