100+ jobs supported by HIE in Moray in 2023/24
As a result of HIE’s support, businesses in Moray are forecast to see combined turnover rise by more than £85m and international sales by almost £14m.
Make your life easier with a MyHIE account. It’ll save you time, help you find and organise content based on your needs and interests.
The magnetic gear project is led by Banchory-based Ecosse Subsea Systems in collaboration with Bathwick Electrical Design Ltd, Supply Design Ltd and Pure Marine Gen Ltd. The University of Edinburgh and Applied Renewables Research Ltd have been sub-contracted to provide additional support.
The project has been selected by WES for the final stage of its Power Take Off (PTO) programme, aimed at developing solutions to convert the movement of waves into electricity. The system is being developed to suit a variety of wave energy converters.
The Scottish Government’s Minister for Business, Innovation and Energy, Paul Wheelhouse said:
“Sustained funding from the Scottish Government has allowed Wave Energy Scotland to provide opportunities for Scottish companies such as Ecosse Subsea Systems and Supply Design to participate in this unique initiative and develop the disruptive technologies that will shape our low carbon future.
“Our well regarded and globally significant Wave Energy Scotland programme allows for strategic collaboration and mutual support between organisations in Scotland and elsewhere.
“This gives Scotland the strongest possible opportunity to develop these emerging technologies, and to win the economic prize that will flow from being the global centre of excellence for wave energy technology development.”
Tim Hurst, WES Managing Director, said: “I am delighted to see Ecosse Subsea Systems’ innovative project reach the final stages of the programme. It’s this kind of innovation and collaboration that is behind Scotland’s status as a global leader in the development of wave energy technology.
“This project has the very real potential to result in a robust system for harnessing wave movement and converting it to electricity. Crucially, it will be capable of surviving harsh marine conditions and compatible with a wide variety of wave devices. We very much look forward to following its progress.”
Michael Cowie, ESS Technical Director, said: “Ecosse Subsea Systems warmly welcomes the opportunity to contribute to developing wave energy technology for Scotland. We believe the efficiency and reliability advantages of our PTO system are critical to producing wave energy converters that are cost competitive with other renewable energy technologies. WES’ funding will support the development and demonstration the PTO system on a Wave Energy Converter in real-sea conditions - enabling our collaboration to secure investment for the commercialisation of the technology."
As a result of HIE’s support, businesses in Moray are forecast to see combined turnover rise by more than £85m and international sales by almost £14m.
As a result of HIE support, businesses in the area will see total turnover rise by £14.5m and international sales by £1.9m.
Figures show HIE approved £1.5m investment across 18 Shetland projects in 2023-24
Figures compiled by HIE show that businesses and communities supported by the agency in 2023/24 are set to create or retain more than 1,200 jobs across the region.
Beinn an Tuirc Distillery is investigating the development of two new canned ready to drink (RTD) cocktail recipes.
£250k helped leverage a further £3.6m in national investment
Plans to establish a new facility in Moray that is expected to support up to 300 manufacturing jobs in the next ten years have secured up to £5.6m capital investment.
Enterprise agencies welcome Sumitomo milestone as ground is broken on £350m factory project
The signing of a memorandum of understanding (MoU) between Scotland’s enterprise agencies and the world’s largest shipbuilding company could bring economic benefits for the Highlands and Islands.
HIE funding will support the element of the project that focuses specifically on reducing carbon emissions and energy costs.
The Tapestry of the Highlands and Islands exhibition has been created by communities across the region as part of the Spirit of the Highlands and Islands Project.