UK-based tidal energy firm Proteus Marine Renewables (PMR) has met its funding target on Crowdcube, raising capital to accelerate its tidal energy projects worldwide. Launched in September as part of its commercialization strategy, the Crowdcube campaign will remain open for further investment to fuel the company’s market expansion.
In addition to the funding success, PMR has secured a £200 million contract for the MeyGen tidal project and is advancing projects in Japan, France, the UK, and Alaska. The company plans to use the new funds to solidify its position in the renewable energy sector.
PMR, a new tidal energy company formed after the sale of SIMEC Atlantis Energy’s Advanced Tidal Engineering and Services division, is focused on broadening its offerings across marine renewables while maintaining a core emphasis on tidal energy. The European Investment Bank (EIB) recently validated its cost-reduction projections for its AR3000 tidal energy system, confirming the feasibility of achieving its levelized cost of energy (LCoE) reduction targets.
The Crowdcube campaign is set to close on November 14, 2024, marking the final opportunity for investors to participate.
