Trident Energy announces completion of a second close of its funding round to finance pier-based sea trials of the company’s enabling technology for the offshore renewable energy industry.
The new investment takes the total equity raised by the company since October 2012 to £1mil. This second close of £440k includes further investment from a syndicate of London Business Angels and an investment by the London Business Angels EIS Roundtable Syndicate Fund 2012 as well as an investment by the Angel CoFund.
Trident Energy is developing a generic direct drive linear generator power take-off system with application in a range of wave and some tidal energy converters. The company will trial a prototype of the first commercial application of the technology – a wave energy converter designed to supply autonomous power to offshore structures as an alternative to offshore diesel generation – at Kishorn in NW Scotland. The company has contracted the Babcock International Group to perform the engineering to enable integration of the company’s generator technology to the Kishorn pier.
Steve Packard, Trident Energy CEO , comments: “The investment from the London Business Angels network and the Angel CoFund completes the funding package required to deliver pier-based sea trials of our generator technology. As we move forward into execution, I am pleased that we have been able to complement Trident Energy’s highly skilled management team with the breadth of marine engineering expertise available at Babcock International.”
Anthony Clarke, London Business Angels CEO , said: “Following the successful completion of this second round of funding, Trident Energy is now well positioned to accelerate its growth and undertake the sea trials of its innovative technology prior to commercial launch. I am particularly pleased that LBA was able to introduce the company to a highly experienced lead angel which was the trigger for the LBA EIS Fund and Angel CoFund’s investment. ”
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Press release, March 22, 2013; Image: Trident Energy