US firm announces Tidal energy partnership

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US tidal power company ResHydro has announced plans to establish operations in Scotland with the support of a £100,000 SMART: SCOTLAND award from Scottish Enterprise.

First Minister Alex Salmond, who is in the United States for Scotland Week undertaking a programme aimed at attracting inward investment, welcomed the announcement.

ResHydro are the first American renewable energy inward investment in Scotland and will work in partnership with the University of Strathclyde.

Establishing a base in Scotland will allow the company to develop its hydrokinetic energy generation device that requires further research and development to take it closer to commercialisation.

The First Minister said:

“Scotland has an incredible wealth of energy resources and is leading the way in the development of marine renewables technology. ResHyrdo’s decision to invest in Scotland and work in partnership with one of our leading universities to further their research and development plans is testament to that.

“Scotland has hit the natural lottery twice, first with oil and gas and then with our green energy resources. We have astounding green energy potential and this Government has a responsibility to make sure Scotland capitalises on the vast economic opportunities the industry presents.

“Our reputation as a work leader in energy, combined with our supportive business environment and highly skilled workforce, is a powerful proposition for overseas companies looking to succeed in this growing sector.”

Anne MacColl, chief executive of Scottish Development International, Scottish Enterprise’s international development arm, said:

“Scotland is already punching well above its weight when it comes to attracting high quality inward investment, and ResHydro’s decision to locate here is testament to this continued success.

“Wave and tidal energy is an exciting area of development, where Scotland is already demonstrating world-leading technologies and generating international interest.

Samuel Lewinter, chief executive officer of ResHydro said:

“The SMART: SCOTLAND award, coupled with our partnership with the University of Strathclyde, positions ResHydro in the most vital marine power industry market. We are pleased to have the opportunity to open our Scottish subsidiary where we will have access to significant technical expertise and where market conditions will contribute to the most expeditious commercialisation of our technology.”

Professor Sir Jim McDonald, Principal of the University of Strathclyde, added:

“As a leading international technological university, we are working closely with ResHydro to develop its R&D capabilities and support the company’s ambitious plans in Scotland. The University of Strathclyde is home to the largest electrical power engineering and energy research grouping in Europe and our strong links with industry will ensure that Scotland continues to flourish as a leader in this vitally important sector.”

The First Minister is in the United States to promote Scotland on the global stage during Scotland week.  So far during his US visit, the First Minister has addressed Princeton University and the Carnegie Council,  launched the Homecoming 2014 programme in the lucrative US tourist market as well as announcing inward investment deals by US firms Daktari and SAS that will bring more than 200 jobs to Scotland.

A clean technology firm, ResHydro uses cutting-edge industrial science to harness the power of water currents to produce electricity.

The SMART: SCOTLAND award will support the company’s efforts to create a device capable of producing more energy, in more locations and at a lower cost than current renewable technologies. It will also help ResHydro carry out critical design efforts in partnership with the University of Strathclyde and local industry expertise in support of developing their first commercial module to be designed and built in Scotland. Ultimately, full commercialisation of the technology will result in the manufacture of the devices in Scotland.

The company will be based in Glasgow, initially in St Vincent Street before taking up residence at Scottish Enterprise’s Industry Engagement Building, which offers accommodation for ambitious, innovative companies in the renewable energy sector. It is based in the city’s International Technology and Renewable Energy Zone (ITREZ), a global hub for renewable energy innovation which is helping to establish Scotland as a world leader in the research, development and design of the next generation of renewable energy.