Scottish company kicks off crowdfunding to back tidal turbine deployment

Scottish company Flex Marine Power has launched its second crowdfunding campaign on the Crowdcube platform, aiming to raise funds to deploy and test its SW2 tidal turbine at sea. 

According to Flex Marine Power, this follows a crowdfunding round in March, which raised £366,000 (approximately $461,000) to complete the development and build of the SW2. Over the last seven months, Flex Marine Powers finalized factory production of the turbine, which has now been transported to Islay, Scotland, in preparation for deployment.

The company said it is seeking investment from “as little as £10.14” to support the next phase of its compact, fully submerged 50 kW turbine project.

“We’re thrilled to announce our second crowdfunding campaign. Having successfully built our machine, we’re ready to embark on the next exciting phase: sea trials and performance assessment,” said David Steinegger, Chairman at Flex Marine Power.

“Your support will be instrumental in harnessing the power of the tides and bringing sustainable energy to coastal communities. Join us on this transformative journey, no matter the size of your contribution.”

The interim funding round will support the installation and testing of the SW2 turbine in a marine environment, said Flex Marine Power. The trials aim to provide key performance data, including reliability, cost-efficiency, and operational metrics, to help attract early customers and move closer to commercializing the technology.

Investors can register for early access to the crowdfunding campaign and join the company in advancing the potential of tidal energy.

Flex Marine Power’s tidal turbine comprises two hollow fiberglass blades attached to a steel hub and nacelle which houses the electrical and monitoring equipment within a dry equipment capsule and connects to a tubular mooring connection structure.

The turbine has a powertrain within its nacelle, which is connected to the shore via an umbilical routed down the mooring. As the turbine rotates it generates electricity which is sent to the shore via the umbilical.

In May 2023, Flex Marine Power was awarded the world’s first IECRE feasibility statement by Lloyd’s Register for its SwimmerTurbine SW2 tidal energy converter.