Weekly Intelligence Brief

OpenHydro seeks funding

4 December 2009

Irish energy technology company OpenHydro is currently seeking funding from existing shareholders and new investors to support the future development of the business.

According to a report filed by irishtimes.com, the company is close to securing a €30 million fundraising round. Openhydro began raising €30 million, mainly from existing backers, in early October, the report added. It is understood that it will complete the fundraising early next year. It raised €52 million in its last round, which valued the company at €140 million.

Last month, OpenHydro was awarded a grant of up to €2million under Sustainable Energy Ireland’s (SEI) Ocean Energy Prototype Research & Development Programme.

In another development, OpenHydro has successfully deployed the first commercial scale in-stream tidal turbine in the Bay of Fundy, Canada, on behalf of Nova Scotia Power. The 1MW rated commercial scale turbine reached the Fundy Ocean Research Centre for Energy (FORCE) deployment site, in the Minas Passage . The turbine was fully deployed and is now operational.

Nova Scotia Power’s involvement with this tidal energy test facility is supported by Sustainable Development Technology Canada (SDTC), an arm’s-length, not-for-profit corporation created by the Government of Canada.

Read more:

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

Nova Scotia Power: http://social.tidaltoday.com/search/node/Nova+Scotia+Power