The money from the Renewable Energy Investment Fund (REIF) allows Oceanflow to ship the 35kW floating device from Renfrew to south-west Scotland for a year-long trial from the summer.
Oceanflow managing director Graeme Mackie said:
“We would like to thank the Scottish Investment Bank for supporting the deployment of our first E35 unit which has been built in Scotland and is soon to be installed at our grid connected test site in Sanda Sound.
“Our Evopod device employs innovative technology and the REIF funding, together with new private investment, will accelerate the demonstration of this technology.”
“Sanda Sound can be a harsh environment and it will be a good test of our technology for the eventual deployment of larger output units at sites in areas such as the Pentland Firth.”
Andrew Smith, head of the Scottish Investment Bank’s REIF said:
“Supporting development of Scotland’s marine energy sector is a key priority area for Scottish Enterprise.
“Oceanflow represents the cutting edge of this new emerging industry and we are pleased to be able to invest alongside others to support development, test and demonstration of exciting new technologies in Scottish waters.”