July-2020

Tidetec granted pre-project funding from Innovation Norway.

“Piloting: A natural step forward towards commercialization of Tidetec’s technology”

The natural step towards commercialization of Tidetec’s technology is to commission a pilot to demonstrate and validate the performance and reliability of the solution. A pilot will provide Tidetec with the required credibility and bankability for the upcoming tidal projects and establish company’s brand in the industry sector. In addition, possibilities for a commercial or semi-commercial pilot, that could allow revenue generation will be investigated. Tidetec has applied to Innovation Norway for a pre-project grant to prepare a pilot project (total budget of ~1.8M NOK). In preparation of the application, support letters were sought and received by a project owner (Port of Mostyn) and a turbine manufacture (Rainpower).  Innovation Norway has accepted the application proposal and will fund this pre-project round. The effort was coordinated by A. Kollandsrud and the members of the board. In addition, Dr. Ilias Zilakos was hired in a retainer basis to support the effort.