U.S. Tidal Energy Company Announces Expansion in Scotland New York-based ResHydro is Scotland's first U.S. renewable energy inward investment
NEW YORK, April 8, 2013 /PRNewswire/ -- U.S. tidal power company ResHydro has announced plans to establish operations in Glasgow, Scotland, becoming the first American renewable energy inward investment in Scotland.
ResHydro uses cutting-edge industrial science to harness the power of water currents to produce electricity. Establishing a base in Scotland will allow the company to work in partnership with the University of Strathclyde to advance its hydrokinetic energy generation device that requires further research and development to take it closer to commercialization.
The partnership between ResHydro and Scotland is made possible with the support of a $152,000 financial award from Scottish Development International, the international arm of Scottish Enterprise, which is the country's economic development organization.
Welcoming the announcement, Scotland's First Minister Alex Salmond, said:
"Scotland has an incredible wealth of energy resources and is leading the way in the development of marine renewables technology. 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.
"Scotland has hit the natural lottery twice, first with oil and gas and then with our green energy resources. We have astounding renewable energy potential and this Government has a responsibility to make sure Scotland capitalizes on the vast economic opportunities the industry presents.
"Our reputation as a work leader in energy, combined with our supportive business environment and highly skilled workforce, is a powerful proposition for overseas companies looking to succeed in this growing sector."
Samuel Lewinter, CEO, ResHydro said:
"The financial award, coupled with our partnership with the University of Strathclyde, positions ResHydro in the most vital marine power industry market. 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."
Professor Sir Jim McDonald, Principal, University of Strathclyde, said:
"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. 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."
Danny Cusick, President, Americas, Scottish Development International said:
"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.
"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."
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SOURCE Scottish Development International