Scotland invests GBP 2m in Kite Power

Kite power technology developer Kite Power Systems (KPS) has been backed by a GBP-2-million (USD 2.5m/EUR 2.3m) equity investment from the Scottish Investment Bank (SIB).

SIB is the investment arm of Scottish Enterprise, Scotland's economic development agency. The investment was confirmed today by Scottish economy secretary Keith Brown during a visit to Kellwood Engineering in Dumfries, KPS said. This is the site where the firm's 500-kW demonstration model is being manufactured and assembled.

KPS, which recently relocated from Essex to Glasgow, will deploy the 500-kW system at its test facility near Stranraer after delivery of the completed model in August 2017.

SIB now joins KPS supporters Shell Technology Ventures, E.on (ETR:EOAN) and Schlumberger (NYSE:SLB), which announced a combined GBP-5-million investment in the company at the end of 2016.

KPS business development director David Ainsworth said SIB's investment is a further vote of confidence in the company's technology. "Along with the support of our other investors, this backing will accelerate KPS’s commercial development plans towards deploying lower cost, deep-water offshore wind energy on a global scale," Ainsworth added.

The technology features two kites attached by tethers to a winch system that generates electricity as it spools out. It can also be deployed onshore.

(GBP 1 = USD 1.266/EUR 1.134)

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