Banchory Turbine Firm Rivtide Power Secures £100,000 Scottish Enterprise Grant
Posted 14/09/2023 12:08
Scottish hydro-turbine technology firm Rivtide Power, based in Banchory and part of MWNW Consulting, has been awarded a £100,000 SMART: SCOTLAND feasibility study grant by Scottish Enterprise. The grant will enable Rivtide Power to develop a second-generation prototype of its patented Mass of Water Turbine (MOWT). MOWT is a hydrokinetic turbine capable of generating power from slow-flowing water, including rivers, tidal estuaries, and ocean currents. The system is scalable, capable of providing power in the low kilowatts to multi-megawatts range.
Rivtide Power, chaired by Subsea Ecosse founder Mike Wilson, is involved in the research, development, and deployment of technology for the energy transition. In 2021, Rivtide Power built and deployed an initial prototype system, followed by computational modeling and verification, which has led to the design of its Mark 2 system.
The SMART: SCOTLAND feasibility grant from Scottish Enterprise supports projects with high levels of technical innovation and technical challenge, along with strong commercial potential. It enables companies to conduct technical feasibility studies to demonstrate how their products or innovations can work in the real world.
Rivtide Power plans to secure further private investment in the near future, with discussions currently underway with several interested parties. The company believes that its MOWT technology can play a role in harnessing Scotland's tidal resources and contribute to the nation's net-zero targets.
Rhona Allison, Managing Director of Business Growth at Scottish Enterprise, commented on Rivtide Power's potential to support Scotland's transformation toward net-zero emissions by promoting greater use of renewable electricity from slow-flowing water and generating green hydrogen. She noted that Rivtide has the potential to play a vital role in Scotland's net-zero transformation.
Chairman Mike Wilson expressed the company's enthusiasm for securing the grant, highlighting MOWT's versatility, which includes providing reliable power to riverside businesses, renewable power to offshore assets, and green hydrogen production. Rivtide Power also believes that its technology has the potential to power microgrid systems for isolated and island communities and could be exported globally.
Rivtide Power aims to fully develop, manufacture, and deploy its latest prototype turbine in a marine environment to prove the feasibility of the turbine system by generating electricity from slow-flowing water.
The company will begin detailed engineering (FEED) studies by year-end, with the final investment decision expected by the end of the next year, targeting the first production in 2028.
The feasibility grant marks a significant milestone for Rivtide Power as it works toward contributing to Scotland's renewable energy goals and global sustainability efforts.