Scottish marine energy firm hits fundraising target in two days

Edinburgh-based marine energy firm QED Naval has reached the target of its latest fundraising campaign in just two days.

QED Naval informed that despite reaching the targeted £500,002, it had decided to extend the campaign which was launched on 1 August.

The campaign is currently at £532,889 from 614 investors, which is 106% above the target.

“The team has decided to extend the campaign to help develop their tidal technology and projects even further, and to welcome more on their journey to make a difference and bring secure, predictable, tidal energy to this world – just when it is needed most,” the company stated.

QED Naval embarked on the fundraising round through Seedrs to support the development of its tidal turbine technology to an industrial scale as offers arrive to expand its operations to England, Wales and Canada.

The company’s Subhub is a submersible, gravity-based, foundation platform that has been designed to support the commissioning, testing, transportation, and installation of an array of wave and tidal turbines to the seabed.

Jeremy Smith from QED Naval recently urged the UK government to give the tidal sector dramatically more financial support in order to improve the resilience of the country’s clean energy systems.

Register for Offshore Energy Exhibition & Conference: