Subsea technology company, Ecosse Subsea Systems Ltd, (ESS) has seen revenue in the last financial year more than double to £4.85 million and forecasts turnover in the current year will pass the £6.5 million mark. The Aberdeen-based specialist engineering firm will post pre-tax profit of £600,000 to
Leading independent offshore survey company UTEC has announced the acquisition of Geomarine Ltd. UTEC – which is based in Houston, Texas and has offices around the world including Aberdeen, Scotland – has acquired Geomarine Ltd which is headquartered in Newcastle-upon-Tyne with operational offices i
Gov. Martin O’Malley will again try to introduce a similar bill on ensuring funding for an offshore wind farm which failed twice to make it out of the General Assembly, Gazette Net reports. According to the bill, the project that could cost USD 1 billion would not increase residents’ bill by more th
An expert team will help Scottish green energy projects secure funding from the Green Investment Bank (GIB) as it was launched yesterday. The team, to be led by Marcia Campbell, former Group Operations Director of Standard Life, will identify and support potential Scottish bidders to make the strong
The European Parliament’s Energy and Research Committee (ITRE) has voted today to allocate three-quarters of the next energy research budget to renewables, energy efficiency, smart grids and storage. This would make a total of 6 billion Euros, including the Intelligent Energy Europe programme (1), o
In an extraordinary general meeting, new financial targets were established for Vattenfall. The company also presented its new sustainability targets. For example renewable energy growth rates should be higher than the market. The following new financial targets were established: Profitability targe
Business Secretary Vince Cable has declared the UK Green Investment Bank plc (UK GIB) officially open for business and announced two new investments. The ground breaking institution has been funded with £3 billion of Government money and will mobilise additional private capital to make a significant
Wave energy developer, Carnegie Wave Energy Limited announced the completion of a successful $5.8m (USD 6.06m) funding initiative for its Perth Wave Energy Project (PWEP) from a combination of Government and private funding. In line with its stated strategy of commercialising its CETO wave technolog
The Department of Energy announced a series of Small Business Innovation Research (SBIR) Funding Opportunity Announcements (FOA). In the area of Wind Power development, the Department seeks to award funding for the development of a met-ocean package for offshore wind. Awarded under Topic 10a, this f
Vestas Wind Systems A/S and Mitsubishi Heavy Industries Ltd.(MHI)are negotiating on a plan by Vestas to build an 8MW offshore wind turbine. It would be the largest offshore wind turbine with approximately 30% more power than the current record-holder, Siemens’ 6MW turbine. This information came yest
A new report launched today suggests that a combination of innovative technologies could generate significant low carbon energy, and economic benefits from the Bristol Channel, without the need for a large scale barrage. The report has been issued by renewable energy experts Regen SW and consultancy
Independent offshore renewables development business, Trident Energy, has secured an investment of £180,000 from the Low Carbon Innovation Fund (LCIF) as part of a total funding package worth more than half a million pounds. The LCIF is managed by green merchant bank Turquoise International and the
In July 2012 (ref. company announcement No. 30/2012 of 31 July 2012), Vestas agreed with its lenders to defer the half-year testing of the financial covenants. Following this and during the autumn of 2012, Vestas has conducted a thorough review of the future funding requirements of the company’s new
Windstream Energy LLC has filed a notice of intent to claim CAD 475 million of damages under North American Free Trade Agreement (NAFTA) for lost profit due to the Ontario’s moratorium on offshore wind farms, writes The Star. Last year the Canadian government posed moratorium on offshore wind projec
