Weekly Intelligence Brief

UK tidal energy company chosen to attract US investors

16 November 2009

UK tidal energy company Cormarent has been chosen as one of the four companies to accelerate their growth into the US market.

The SETsquared Partnership, which combines the resources of the Universities of Bath, Bristol, Southampton and Surrey to incubate early-stage technology businesses, is currently in Boston for the same.

Cormarent’s tidal stream energy generator is simply attached to a mooring, rather than needing a rigid foundation.

David McSherry, founder of Bath-based Cormarent, which is developing a tidal power system, said planning delays and concerns about grid capacity had made British investors wary of backing renewable energy technology. He recently told TimesOnline that Cormarent’s deep-sea turbines had few moving parts to reduce the risk of mechanical failure and maximise electricity output. McSherry needs £13m to test a prototype and build a large-scale demonstrator.

 The four UK companies participating in the programme include two with low power semiconductor technologies, one working in tidal energy and another offering a data acquisition and monitoring system for energy management. 

The companies are being introduced to potential investors, partners and customers and pitch their technology. The UK Trade & Investment, both in the South West of England and Boston, together with the South West Regional Development Agency, are supporting the trip.