French Tidal Energy Company Gets EUR 500K in Funds

Eel Energy, French tidal energy technology company, has announced that it received EUR 500,000 from Bpifrance and the Nord-Pas de Calais region.

In the meantime, historical shareholders of the company subscribed to a convertible bond of € 500k. This financing will allow the company to finalize its 1/6 scale prototype designed for sea trials, and initiate development work of the first device of 1MW.

The company has already tested the 1/20th scale prototype.

The technology is based on energy conversion by an undulating membrane. The membrane undulates under moving fluid pressure. This periodic motion is transformed into electricity by an electromechanical system.

Energy is converted along the whole length of the membrane surface. A monitoring loop ensures optimized energy conversion in response to changes in flow conditions and power transmitted.

Image: Eel Energy