We are seeking investment in a prototype offshore platform technology. The platform should allow deepwater floating turbines to be developed that will make more use of the continental shelf around the British Isles. Several other companies are trying to produce technologies that can be used in deep water for the same reasons. We consider our technology to be very competitive and more sensitive to the needs of other users of the sea and to construction. We are targeting our platform to be used for producing Hydrogen as we consider it to be the future transport fuel of choice.

The prototype we are asking investment for is at 1/4 scale. We would like to use this as a stepping stone to the full scale prototype. We would like to build it and deploy it this year.

In the short term we are looking for investors that can help us do this. Its capital cost is approximately 400k. We need 150K finance right now and would be willing to sell 15% equity. This is based on 163k£ cash spent, labour to date, the value of the invention and 250K that is ready to be spent. We are applying for a Technology Strategy Board Grant for 45% of this 150K. So potentially our investment requirement could reduce to 87,000£.

Once the 1/4 scale platform is built, if it works, then there is an option to continue to invest or sell to another larger investor. That would be 2 years from now.

In the long term, which is very much dependant on whether we can conclude that we have a successful 1/4 scale platform, we will need some large investors.

If the platform looks really stable from the outset then work could begin immediately on the full scale design, costing, consents and investor approaches.

A full scale design is needed to determine a payback period, noting that Economies of Scale cannot be found just building one offs. Perhaps with a 50% EU grant an overall 10 year payback period would start to look attractive, noting this does not include ROCs.