From the Web: Kite Power Systems Secures £2 Million Investment From Scottish Investment Bank

Kite Power Systems, the company developing innovative kite-powered energy generation technology in Scotland, has secured its latest round of investment funding, a £2 million equity investment from the Scottish Investment Bank.

Kite Power Systems is a Scotland-based British company developing kite power technology that uses kites deployed in deep water locations to generate electricity.

The company consolidated its work in Scotland earlier this year, moving from a previous home-base in Essex, England. The move was made in part following the announcement that the company would establish a research and test facility on a Military of Defence range near Stranraer, and a £5 million investment round from E.ON, Schlumberger, and Shell Technology Ventures (STV) in December of last year.

The new round of financing announced this week — a £2 million equity investment from the Scottish Investment Bank (SIB), the investment arm of Scottish Enterprise — will help the company further work on its kite power system, which is made up of two kites which fly up to an altitude of 1500 feet, and which generate electricity through a winch system.

Learn more (via Clean Technica) >>

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