Oct. 17 (Bloomberg) -- SeaPower Gen Ltd., a U.K. maker of tidal current turbines, is talking to industrial partners and wealthy investors about raising 25 million pounds ($39 million) within two years to complete sea trials.
The Southampton-based company aims to raise 1 million pounds by year-end, SeaPower founder and Chief Executive Officer Donald Bent said in an e-mail. It’s looking for 5 million pounds next year and the rest in 2013, he said.
Energy from the waves and tides has the potential to meet as much as 20 percent of the current U.K. electricity demand, according to the government. SeaPower’s technology harnesses energy from tidal currents to produce electricity.
SeaPower is targeting high net-worth individuals and industrial partners to raise the money, Bent said. It’s speaking with three prospects based in Bristol, Devon and the Isle of Wight. One is an engineering aerospace company, he said, another is a marine composite company and the other is a supplier of armored vehicles to the Ministry of Defence.
The company will use the first funds to complete tank testing of a quarter-scale prototype of its device with QinetiQ Group Plc. It’s planning to install a full-scale version off the Anglesey coast in Wales for testing in 2014.
--Editors: Randall Hackley, Alex Devine
To contact the reporter responsible for this story: Louise Downing in London at Ldowning4@bloomberg.net
To contact the editor responsible for this story: Reed Landberg in London at firstname.lastname@example.org