A Norwegian hydro power company beat off competition from four rivals to scoop the £10,000 prize in a national ‘Dragons’ Den’ investment challenge held in Glasgow.
The marine energy renewable investment challenge was sponsored by tidal power giant Atlantis Resources, whose chief executive Tim Cornelius chaired the judges’ panel. This comprised:
- Nick Stamp, Director, Macquarie Capital
- Cameron Smith, Partner, Ashurst
- Ben Brewerton, Director, FTI Consulting
- Jonnie Cox, Managing Director, Cantor Fitzgerald
In a message to the finalists, Cornelius said: “After a long deliberation and much vigorous debate, the panel agonised over selecting a winner.
“We want to thank all of the participants and we will directly contact each of them with detailed feedback from the judges.
“Joe Hulm, Director, Ocean Energy Advisors pitched a product that the marine industry desperately needs and identified a clear gap in the market.
“Peter Fraenkel, Director, Fraenkel Wright, put forward a compelling case for larger rotor diameter turbines to rapidly reduce LCOE – enabling tidal power to remain competitive with offshore wind.
“David Carrascosa, Chief Tech Officer, Saitec delivered a very high quality presentation around a very well thought out product with a clearly defined path to test and verify the SATH platform
“Graeme Mackie, Founder, Ocean Flow Energy, delivered a highly credible pitch to develop Starflow which the panel believes has a high probability of being commercialised.
“However, there can be only one winner, and this year, the panel selected Joachim Amland from Tidetec from Norway.
“The panel was impressed by the clearly set out investment proposition, the quality of the business plan and presentation, the realistic valuation and the path set out to commercialisation.
“The panel will be in contact with Tidetec to set up working sessions in London to build up their business plan to assist them on their future funding rounds.
“Well done to all participants and my personal thanks to all of the judges who donated their time so generously.”
Tidetec, who presented their tidal lagoon ‘two-way hydropower’ technology, wins £10,000-worth of invaluable advice from lawyers, stockbrokers, investment bankers, accountants communications experts and marketeers.
Later, Tim Cornelius was presented with the Lennard-Senior Prize by Steve Hall, chief executive of The Society for Underwater Technology.
The presentation to a surprised Cornelius was made at the end of a packed session ‘The tidal power LCOE race – who will win, why and by when?’ which he had masterminded in his capacity as Chairman of MeyGen – which is building one of the world’s largest under-water, sea-bed tidal power arrays in the Pentland Firth.