Proteus Marine Renewables hits Crowdcube funding target for its tidal energy tech 

UK-based tidal energy company Proteus Marine Renewables (PMR) has met its funding target on the Crowdcube platform, securing new capital to advance its tidal energy projects worldwide.

In September, PMR launched its Crowdcube campaign as part of a broader commercialization strategy for its tidal energy technology.

The company has decided to keep the round open for additional investment, aiming to accelerate its expansion into new markets.

Alongside this funding milestone, PMR recently clinched a £200 million contract for the MeyGen tidal project, and additional developments in Japan, France, the UK, and Alaska. The company noted it plans to leverage this investment to expand its role in renewable energy further.

However, the company signals a final call for interested investors as PMR’s Crowdcube campaign wraps up on Thursday, November 14, 2024.

Described as “a new tidal energy outfit”, PMR was created following the sale of a majority stake in SIMEC Atlantis Energy’s Advanced Tidal Engineering and Services division (ATES). 

This management buyout is said to allow the company to expand its products and services across a broader range of marine renewables while maintaining a primary focus on tidal energy.

The company’s cost reduction projections for its AR3000 tidal energy system were recently validated by the European Investment Bank (EIB), which confirmed that levelized cost of energy (LCoE) reduction targets are achievable.