Your support helps us to tell the story
This election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.
The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.
Help us keep bring these critical stories to light. Your support makes all the difference.
Scottish & Southern Energy (SSE) is in talks to invest up to £10m in a tidal energy specialist ahead of a possible stock market flotation next year.
Marine Current Turbines (MCT), which is speaking to other potential investors, including the German-owned E.ON UK, will make an announcement next month on the outcome of its fundraising efforts.
The Bristol-based company is planning to install the UK's largest commercial tidal-energy project off the coast of Northern Ireland this spring. The project will use sea currents to generate 1MW of electricity - enough to meet the energy needs of 1,000 households.
It had been due to go live in September but encountered technical problems. If the new launch, now pencilled in for the spring, is a success, MCT is expected to press ahead with a listing on the Alternative Investment Market, which could value the company at around £30m. MCT has retained the services of KPMG's corporate finance division to advise it.
SSE's investment, probably in exchange for a stake in MCT, would be the largest by a major utility in a tidal-energy firm. Until now, utilities have favoured backing more proven forms of renewable generation, such as wind farms. But the Government's energy White Paper, due out in the spring, is expected to provide bigger subsidies to wave and tidal projects, making them more attractive to investors.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments