QED Naval Secures £1.5m Funding As Tidal Power Gains Momentum
QED Naval, a Kelvin Capital portfolio company has secured over £1.5million in investment from new and existing Kelvin Capital members, Scottish Enterprise and a successful Seedrs crowdfunding campaign.
The injection of capital will enable QED Naval to complete the deployment of its pioneering Subhub tidal platform at its Yarmouth Tidal Test Centre, showcase its yield benefits to the sector, and build towards commercial sales of the platform.
Subhub is a patented platform that reduces deployment and maintenance costs by up to 60% and improves yields by 48%. Using the Subhub platform, tidal energy can be deployed over large distances, installed quickly, cost-effectively, in a single operation, across a wide range of weather conditions. Subhub supports every stage of a tidal turbines life, from integration ashore to deployment, installation and retrieval for maintenance.
With Scotland setting ambitious targets to reach net zero emissions of all greenhouse gases by 2045, green tech start ups are going to be key in developing the industry. Kelvin Capital are delighted to continue to support what we believe to be a truly innovative technology in the tidal energy sectorAngus Hay, Director at Kelvin Capital