Kite Power Systems (KPS), the company developing kite power technology in Scotland, has secured GBP 2million equity investment from the Scottish Investment Bank (SIB), the investment arm of Scottish Enterprise.
The news was confirmed by Keith Brown, Scottish Government Cabinet Secretary for Economy, Jobs and Fair Work, during a visit to Kellwood Engineering in Dumfries, where KPS’s latest 500kW demonstration model is being manufactured and assembled.
The news follows confirmation by KPS in February 2017 that it had re-located from Essex and consolidated all of its activities in Scotland, establishing a research and test facility near Stranraer and a head office in Glasgow.
The GBP 2 million investment makes SIB the latest investor in KPS, joining E.ON, Schlumberger and Shell Technology Ventures, who announced a combined GBP 5million investment in the company in December 2016.
KPS’s power system features two kites which fly up to an altitude of 1,500 feet. Both kites are attached by tethers to a winch system that generates electricity as it spools out.
Iain Scott, Chief Financial Officer at Scottish Enterprise, who attended the visit, said: ”Scotland has an excellent track record in renewables innovation, and Kite Power Systems’ decision to move to Scotland is testament to our reputation in this area. Kite Power Systems is a great example of an ambitious and innovative company operating in this sector, and we look forward to continuing to work with the company to build on the success of its prototype.”
KPS has already built a team of 20, mainly engineers and aims to grow to 34 by the end of 2017. The company’s management and design engineering team are based in Glasgow, with a further team of test and development engineers based at the test facility, 8km south east of Stranraer.
The company has been flight testing its current 40kW system there over the past few weeks and has secured planning consent to deploy the new 500kW power system, following delivery of the completed model, during August 2017.
This will lead to a planned onshore demonstration array of multiple 500kW systems within the next 3-4 years, elsewhere in Scotland. Thereafter, KPS will develop a 3MW onshore system at the test facility and then deploy a similar sized power system in offshore waters.