Proteus Marine Renewables starts crowdfunding campaign to propel tidal energy commercialization

UK-based tidal energy company Proteus Marine Renewables (PMR) has launched a crowdfunding campaign to support its technology commercialization program. 

On 9 September, PMR opened early access to crowdfunding through Crowdcube.

“With key global sites primed for tidal energy adoption and the market for renewable marine energy expanding rapidly, tidal arrays are set to play a pivotal role in the transition to a sustainable future,” said PMR.

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.

After the successful AR500 pilot tidal project, which saw a 500 kW turbine installed in Japanese waters in 2021 with 97% availability, the company signed an engineering, procurement, and construction (EPC) contract with Kyuden Mirai Energy (KME) in November 2022 to upgrade the turbine to the AR1100 model.

In August 2024, PMR started assembly works on the AR1100 tidal turbine in Japan. According to PMR, the assembly would be completed this year, followed by reinstallation, and finally the export of clean energy to the Goto Islands, Japan.

In June, PMR completed acceptance testing for its Yaw System designed for tidal turbines, which is now set for subsea deployment. According to PMR, the new Proteus Yaw System is at least 40% more cost-effective than earlier models, offers a higher load capacity, and has been tested on a rig for turbines with outputs of up to 3 MW.