ResHydro, a US-based tidal power company, is planning to set up operations in Glasgow, Scotland, marking the first American renewable energy inward investment in the country.
Following the expansion of its operations, the company will collaborate with the University of Strathclyde to enhance its hydrokinetic energy generation device that requires further research and development to take it closer to commercialization.
Scottish Development International, the international arm of Scottish Enterprise, has awarded $152,000 for the partnership.
ResHydro CEO Samuel Lewinter said that the partnership with the varsity along with the financial award would enable the company to strengthen its position in the marine power industry market.
University of Strathclyde principal Jim McDonald 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.
Scottish Development International Americas president Danny Cusick added, "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."
ResHydro employs advanced industrial science to harness the power of water currents to produce electricity.