19 Jul Tidal energy to power subsea O&G generators
Scotland’s East Coast Oil and Gas Engineering (EC-OG) has acquired over US$1.3 million from Castle View Ventures and the Scottish Investment Bank for the development of subsea generation system powered by ocean currents.
EC-OG is creating a power generation system known as the Subsea Power Hub (SPH) which allows localised electricity power director to remote subsea locations by changing ocean currents into renewable power to reduce operating costs.
The investment made by Scottish Investment Bank and Castle View Ventures comes after the announcement of a $1.5 million research and development grant from the High Growth Start-Up Unit in December 2015.
The funding will be used for the commercialisation of SPH, which is anticipated to increase the company’s growth.
Richard Knox, managing director of EC-OG said: “This investment forms part of the continued support from Scottish Enterprise, where the High Growth team in particular has delivered personalised support to promote domestic and international growth here at EC-OG.”
By using the SPH, clients in the oil and gas sector can reconfigure their electrical supply systems to make them more efficient.
Martin Bell from Castle View Ventures noted: “The SPH is a beacon for the future of the oil and gas industry, such an original concept which will provide real results for clients.”