French tidal firm Sabella raises EUR 8m

French tidal power engineering group Sabella said today it has raised EUR 8 million (USD 8.5m) from three new investors and several existing ones.

Bpifrance Investissement, Force 29 and Litto Invest are the new investors in the company. The existing shareholders who took part in the fundraising include Emertec, Go Capital, Farinia and IWF group.

Sabella’s president Jean-Francois Daviau stated that the company plans to beef up its headcount next year in order to step up business development and research and development (R&D) efforts.

The company has already completed its first deployment in France and now looks forward to implementing several projects internationally, including one in Asia, he said.

“This fundraising gives us the means to deploy our solution on a global scale," Daviau added.

(EUR 1.0 = USD 1.060)

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