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US Tidal Energy Company First Scottish Renewable Energy Inward Investment

New York-based ResHydro has announced plans to establish operations in Glasgow, Scotland, a move that would make them the first US renewable energy inward investment in Scotland.

The news, released by way of a press release on PR Newswire, is hopefully the first of many such more outward US renewable energy investments.

Waves at Portskerra, Scotland Image Credit: Charle Beldon

Waves at Portskerra, Scotland
Image Credit: Charle Beldon via Flickr (CC BY-NC 2.0)

ResHydro, apparently, “uses cutting-edge industrial science to harness the power of water currents to produce electricity.” The Scottish operations will allow ResHydro to work with the University of Strathclyde to advance its hydrokinetic energy generation device, a necessary next step in the move to take it closer to commercialisation.

The partnership is helped along by a $152,000 financial award from Scottish Development International, the international arm of the country’s economic development organisation, Scottish Enterprise.

Unsurprisingly, several heavyweights involved in the move were quoted as expressing their pleasure.

“Scotland has an incredible wealth of energy resources and is leading the way in the development of marine renewables technology,” said Scotland’s First Minister Alex Salmond. “ResHydro’s decision to invest in Scotland and work in partnership with one of our leading universities to further their research and development plans is testament to that.”

“The financial award, coupled with our partnership with the University of Strathclyde, positions ResHydro in the most vital marine power industry market,” said ResHydro CEO, Samuel Lewinter. “We are pleased to have the opportunity to open our Scottish subsidiary where we will have access to significant technical expertise and where market conditions will contribute to the most expeditious commercialization of our technology.”

“As a leading international technological university, we are working closely with ResHydro to develop its R&D capabilities and support the company’s ambitious plans in Scotland,” added Professor Sir Jim McDonald, Principal of University of Strathclyde. “The University of Strathclyde is home to the largest electrical power engineering and energy research grouping in Europe and our strong links with industry will ensure that Scotland continues to flourish as a leader in this vitally important sector.”

“While companies throughout Europe have already taken notice of our leading wind and tidal energy standing, ResHydro’s decision to invest in Scotland signals that the U.S. recognizes the benefits of tapping into Scotland’s renewable energy sector,” said Danny Cusick, President of the Americas division of Scottish Development International.

“Our strides in wave and tidal energy include world-leading technologies, so as marine energy becomes an increasingly intriguing area of development, we are confident to see even further gains in Scottish investment from the U.S. as its renewable energy market continues to grow.”

Scotland has been a driving force in the world of renewable energies lately, pushing themselves forward and harder than almost any other country out there. Just this last February “First Minister Alex Salmond says Scotland will reduce carbon emissions from 347 grams of CO2 per kilowatt hour in 2010 to 50 grams by 2030,” while last November he revealed that Scotland hopes to get half of their electricity needs from renewable sources by 2015.

My best hope is that inward investments such as this will help spread the Scottish renewable energy fever.

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