Achelous Energy announces funding campaign

Achelous Energy announces funding campaign

Achelous Energy has opened pre-registration for its crowdfunding campaign on the Seedrs platform. The funding will help further develop and test its unique floating in-stream tidal and solar platform – the FITS.

FITS is a trimaran unit, which harnesses the energy generation potential of constant river flows. It represents the culmination of three years spent developing pioneering hydrokinetic technology, with the aim of reducing C02 emissions and working towards Net Zero.

The device is a simple and robust floating vessel, which incorporates two vertical axis turbines to constantly capture clean electrical energy from running water. Each FITS unit is also environmentally non-invasive and brings none of the large infrastructure required by traditional hydropower.

Founding director James Diddams says: “Despite a temporary respite during the COVID-19 pandemic, the IEA reports that global carbon emissions are set for their second-biggest increase in history by the end of this year. It’s clear we cannot continue consuming fossil fuels and impacting the environment as we have been doing since the industrial revolution.

“We’re excited to be launching priority investment into our pioneering FITS technology. With support from investors who share our vision, our innovative ideas can turn the tide on energy and pave the way for Net Zero.”

Founding director Tim Wood adds: “We’ve already secured a number of Memoranda of Understanding partnerships in South East Asia and are currently seeking to develop partnering agreements in New Zealand and the USA. Further to this, we’ve identified several prime rivers in the UK which would also suit a FITS installation and we’ll be investigating these opportunities further in the coming months.”

Achelous Energy is underpinned by more than 25 years’ engineering experience in the offshore marine energy sectors. With global reach and supply chain, the company targets markets across Southeast Asia, the Americas and Europe.