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Marine Current Turbines secures funds for commercial tidal energy farm

British tidal energy company Marine Current Turbines (MCT) has raised 3.5 million pounds (US$5.6 million) from an investor group led by Carbon Trust Investments Limited to help it deploy a commercial tidal energy farm in UK waters, Carbon Trust reported.

Carbon Trust is an independent company set up by the government in 2001 to help accelerate the move toward a low-carbon economy.

MCT plans to develop a tidal energy farm within the next two years using its 1.2-MW SeaGen device, which uses rotors driven by tidal currents to produce power.

Part of the new funding will support MCT’s first deployment of SeaGen in Northern Ireland’s Strangford Lough, which has been successfully operating for more than six months. The company is now also looking to export its technology abroad.

The Carbon Trust’s investment is drawn from a fund provided by the Department of Energy and Climate Change. The new fund is designed to speed up Britain’s move toward a low carbon economy by providing promising UK clean energy sector companies with investment.

The investor group for the project included Bank Invest, EDF Energy, High Tide and a group of significant private investors.

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