15 November 2011
("SeaEnergy" or the "Company")
15 November 2011
SeaEnergy Awarded Scottish Enterprise Funding Support and Commendation in Carbon Trust Offshore Wind Accelerator Access Competition
SeaEnergy PLC, the energy ventures company focused on growing oil and gas and renewables businesses, is pleased to announce it has secured further funding support totalling GBP88,510 from Scottish Enterprise to advance its plans to establish an offshore wind farm support business.
The funding, which will supplement investment by the Company of GBP345,190, will enable SeaEnergy to undertake detailed design and tank testing for its innovative X-Bow(R) based vessel system.
SeaEnergy PLC has worked closely with Scottish Enterprise, Scotland's economic development agency, over the past year and a half to help deliver its ambitious growth plans. This latest support is in addition to grants awarded in May 2010 from Scottish Enterprise Innovation Support Scheme, which have been received over the past year and a half.
SeaEnergy was also recently successful in the Carbon Trust Offshore Wind Accelerator Access Competition, where its entry was placed in the top 20 of more than 450, and was commended by the judges for its potential to increase the availability of access to offshore wind farms.
Scottish Enterprise director of company growth, Linda Hanna, said: "We've worked intensively with SeaEnergy PLC to help deliver its ambitious growth plans. SeaEnergy is at the forefront of Scotland's renewable energy sector, playing a pivotal role in the fast-growing supply chain, and bringing valuable expertise from offshore Oil & Gas to this exciting new industry.
"Through our account management approach we've assisted the company in a number of areas, including support for innovation, strategic development, research and development, leadership and international marketing. Our extensive network of contacts has also helped broker meetings for SeaEnergy with key industry players in both the public and private sectors. The Company has also benefited from specialist support, through our Scottish Manufacturing Advisory Service.
"We are committed to working with Scotland's most ambitious companies, those companies which have the capacity and ability to generate the greatest contribution to the Scottish economy. SeaEnergy is a forward thinking, innovative company which has demonstrated a real desire to be successful and we'll continue to work with them to accelerate their growth."
Steve Remp, SeaEnergy's Chairman said: "We're very grateful to Scottish Enterprise for its support of our emerging SeaEnergy Marine business. These grants have helped to de-risk investment, drive development and allowed us to pursue near term commercial opportunities for our vessel system."
Notes to Editors
Funding support broken down by grant:
-- GBP21,600 SE grant to support strategic development costs, supplementing a GBP122,400 contribution by SeaEnergy PLC.
-- GBP40,000 SE R&D Optimum Hull grant supplementing a Company contribution of GBP160,000.
-- GBP26,910 SE grant to support international marketing supplementing a GBP62,790 investment by the Company.
About Scottish Enterprise
Scottish Enterprise is Scotland's main economic development agency and aims to deliver a significant, lasting effect on the Scottish economy. Our role is to help identify and exploit the best opportunities for economic growth. We support ambitious Scottish companies to compete within the global marketplace and help build Scotland's globally competitive sectors. We also work with a range of partners in the public and private sectors to attract new investment to Scotland and to help create a world-class business environment. Follow us on Twitter at http://twitter.com/scotent Follow us on Facebook at http://www.facebook.com/scottishenterprise
More information on the Carbon Trust and the OWA programme can be found at http://www.carbontrust.co.uk/emerging-technologies/current-focus-areas/offshore-wind/Pages/offshore-wind-access- commended.aspx
For further information contact:
Chris Moar - Finance Director +44 1224 748480
Ambrian Partners Limited - NOMAD
Samantha Harrison +44 20 7634 4700
Pelham Bell Pottinger - Public
James Henderson, Mark Antelme,
Philippe Polman +44 20 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange