QED Naval acquires world leading tidal project
Jeremy Smith and Keith Murray of QED Naval
Scottish marine renewables specialist QED Naval has acquired the world’s largest tidal turbine array as it builds on plans to disrupt the energy sector.
Through its tidal turbine development subsidiary Tocardo the Edinburgh-based company has taken ownership of the Dutch Oosterschelde Tidal Power (OTP) project.
It has launched its first crowdfunding campaign on the Seedrs platform to help develop existing sites and to secure other locations for its patented Subhub tidal platform.
The OTP deal closed in the last quarter of 2020 following QED’s acquisition of Tocardo in a joint venture with Hydrowing.
The company (QED) also secured an award of €3.5m of EU funding and a place on Interreg’s €46m Tidal Stream Industry Energiser Project (TIGER), a global tidal showcase.
Jeremy Smith, MD at QED Naval said: “Tidal energy is not only renewable, it is the only one that is 100% predictable, can guarantee power output every day of the year, and globally will be worth $76bn by 2050. So, when the wind is not blowing and the sun is not out, tidal can quite simply fill the gaps in our grid requirement and prevent us having to switch to diesel, gas or coal power.”
He said the acquisition of the Oosterschelde Tidal Power (OTP) project is “very exciting for the business and shows clearly our drive to build international growth”.
He added: “We are already in discussions with parties in South East Asia and Japan and currently developing a partnering agreement in Singapore.”