A new renewable energy system from Kite Power Systems (KPS) has secured a £2M investment from Scottish Investment Bank (SIB).
KPS has their latest prototype, a 500kW generating kite, at Kellwood Engineering in Dumfries where the investment was confirmed on June 22.
According to the press release, the KPS power system has two kites that are flown as high as 1500 feet (450m); their tether is attached to a winch system that generates electricity as it spools out. By achieving flight speeds of up to 100mph (45m/s) in 20mph (9m/s) winds, the kite’s tether tension causes the line to rapidly spool out from a drum, which turns a generator producing electricity.
Economy Secretary, Keith Brown said: “Scotland has a long and proud history of innovation and Kite Power Systems’ pioneering approach to harnessing wind energy shows great promise.”
“The company has recently relocated from Essex to Glasgow and this £2m investment from the Scottish Investment Bank will enable it to expand further and demonstrate the latest iteration of its kite power technology in Scotland.”
“Scotland has recently moved into the top group of EU nations as regards innovation performance, and the commercialisation of novel ideas – such as the technology being developed by Kite Power Systems – will help to drive us even further forward.”
KPS Business Development Director, David Ainsworth said, “This very welcome new investment from the SIB is an endorsement of the extensive R&D work the KPS team has carried out and is a further vote of confidence in our technology and our business. 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.”
Chief Financial Officer at Scottish Enterprise, Iain Scott said: ”Scotland has an excellent track record in renewables innovation, and Kite Power Systems’ decision to move to Scotland is testament to our reputation in this area. Kite Power Systems is a great example of an ambitious and innovative company operating in this sector, and we look forward to continuing to work with the company to build on the success of its prototype.”
The company has an open day on July 1st, at Dumfries & Galloway College, to learn more about their patented renewable energy system.