Weekly Intelligence Brief

Cormarent makes progress with its device, looks for support

8 December 2009

A UK renewable energy technology start-up has reportedly completed the first phase of testing on a device.

Cormarent Limited has designed a buoyant, moored device capable of being deployed in deep waters of 40 metres in depth or more.

The company has already indicated that it needs £13 million to test a prototype and build a large-scale demonstrator.

According to a report filed by greenwise, Cormarent requires another two phases of development to be ready for commercial roll-out. Next phase requires funding of £4 million, to complete design optimisation and deploy a scale prototype in the sea and will take two and half years to complete. Post this, it will require funding of £9 million and will design and build a commercial scale demonstrator unit and undertake commercial development, consenting key areas of sea bed and establishing joint venture partnerships with utility companies.

Cormarent was recently chosen as one of the four companies to accelerate their growth into the US market. The company was introduced to potential investors, partners and customers.

David McSherry, founder of Bath-based Cormarent, said planning delays and concerns about grid capacity had made British investors wary of backing renewable energy technology.

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Cormarent: http://social.tidaltoday.com/search/node/Cormarent