French tidal power firm Eel Energy gets EUR 500,000 in financing
Source: Eel Energy. License: All rights reserved
French tidal power firm Eel Energy has obtained EUR 500,000 (USD 562,000) in financing from BpiFrance and the Nord-Pas de Calais region so it could complete a 1:6 scale prototype and start developing its first 1-MW device.
Meanwhile, Eel Energy’s shareholders are subscribing to a convertible bond of EUR 500,000, the proceeds of which will be used for the same purpose, according to a press release on the company’s website.
Eel Energy’s tidal energy device uses a membrane that optimises energy transfer through the combination of fluid flow with an undulating structure. The membrane undulates under moving fluid pressure and an electromechanical system then transforms the periodic motion into electricity.
The company has already tested a 1:20 scale tidal power converter. It had plans to conduct sea trials of a full-scale prototype in Scotland during the second half of 2016.