The firm is now expanding its plans to disrupt the energy sector with its environmentally friendly sustainable tidal solution.

The funding will assist further develop existing sites and to secure potential new locations for its patented Subhub tidal platform. 

The OTP deal closed in the last quarter of 2020 following QED’s acquisition of the world-renowned Dutch tidal turbine developer Tocardo BV in a joint venture with Hydrowing. The company (QED) also secured an award of €3.5m of EU funding and a place on Interreg’s €46m Tidal Stream Industry Energiser Project(TIGER), a global tidal showcase, also in January 2020.

QED Naval’s self-deploying foundation system, Subhub, saves circa 60% on deployment, operating and maintenance costs alone de-risking dependency on and simplifying offshore operations. On top of this it adds up to 48% yield to the bottom line transforming the cost of tidal energy and enabling QED Naval to compete with other forms of renewables, at scale, by 2030.

Jeremy Smith, MD at QED Naval, said: “Tidal energy is not only renewable, it is the only one that is 100% predictable, can guarantee power output every day of the year, and globally will be worth $76bn by 2050. So, when the wind is not blowing and the sun is not out, tidal can quite simply fill the gaps in our grid requirement and prevent us having to switch to diesel, gas or coal power.

“The acquisition of the Oosterschelde Tidal Power (OTP) project in late 2020 brought QED Naval an EU base and additional customer pipeline with further global opportunities which is very exciting for the business and shows clearly our drive to build international growth for the business.  We are already in discussions with parties in South East Asia and Japan and currently developing a partnering agreement in Singapore.”

According to ORE Catapult, tidal energy to the UK alone is estimated at £1.4bl GVA creating 4000 jobs by 2030 (8100 jobs by 2040) and getting to ‘net zero’ by 2050 (driving carbon emissions down by 1Mt per year by 2030 and 4Mt by 2040).

Keith Murray, QED Naval’s chief commercial officer, added: “Scotland and the rest of the UK, with 50% of Europe’s tidal energy and ranking number 2 in global resource availability after Canada, has a tremendous opportunity to benefit. The UK and Scottish Governments are firmly behind the development of tidal energy and QED, with its expertise, products and sites is at the forefront of tidal technology.   

“We also see an increasing role for using battery storage and particularly hydrogen solutions as when combined with our turbine solution there is an incredible potential for stand-alone tidal energy units to take island, isolated communities, maritime diesel generators, right off the grid - significantly reducing carbon emissions.”    

The successful acquisition of the OTP project was as a result of close public and private sector collaboration between QED Naval, Rijkswaterstaat (part of the Dutch Ministry of Infrastructure and Water Management) and a prominent global, green investment fund.

As well as being deployed at the TIGER, Isle of Wight project, QED’s Subhub Community Demonstrator, which has now been in the seas off Northern Ireland, Strangford Lough, for nearly two years, will be refitted with Tocardo tidal turbines and deployed to Pembroke in Wales to access further market potential there.