Marchant backs firm’s wind turbine efficiency tech
Ian Marchant: investor
Edinburgh University start-up REOptimize Systems, has raised £300,000 in seed funding to develop its technology which enhances the efficiency of wind turbines.
It has been backed by a group of investors who include Ian Marchant, the former CEO of the utility giant SSE, and Johnnie Andringa, a serial entrepreneur in wind energy and other renewable energy technologies.
The technology has been installed in several commercial projects, achieving an increase in annual energy production in excess of 6% in two medium scale wind turbines and promising initial results in utility scale turbines.
Systems managing director, Richard Crozier, says: “This is an exciting time for the company as we transition from a heavy R&D focus, to launching our product in the market.
“With our technology we can make a huge difference to turbine owners’ bottom line, and ultimately have a really significant impact on climate change.”
The REOptimize technology was developed over seven years by Dr JP Echenique, the company’s chief technical officer and other colleagues at the University of Edinburgh, a recognised European hub for artificial intelligence.