Sustainable Marine Energy secures £150,000 from London Business Angels
Deal marks LBA’s first investment from SEIS fund in 2013
Tidal energy specialist Sustainable Marine Energy has closed a £150,000 investment deal with London Business Angels (LBA).
Placing its first investment of the year, the LBA SEIS Roundtable Syndicate Fund contributed £40,000 to the tidal energy specialist.
Launched in October 2012, the LBA Seed Enterprise Investment Scheme (SEIS) fund is designed to offer co-investment with LBA into early-stage businesses over the next 18 months, providing up to 78% tax relief for investors.
The deal is set to help Sustainable Marine Energy as they prepare to launch their PLAT-O platform, designed to reduce the costs and commercial risks of deploying tidal energy devices.
With plans to further expand the firm’s product line in place, Sustainable Marine Energy is hoping to develop relationships with industry experts, with the intention of selling the firm or licensing out the technology over the next year.
Anthony Davis, commercial director of Sustainable Marine Energy commented: “We are delighted to have the support of LBA’s syndicate whose investors are already offering practical assistance over and above the SEIS investment.
“We look forward to engaging with LBA’s wider network both to link with industry contacts the LBA members have and to secure any further funds required to fuel our expansion in the future.”