Making predictable, tidal energy part of a secure, renewable energy mix, and impacting climate change.
|Location||Edinburgh, United Kingdom|
|Sectors||Energy Non-Digital B2B|
|Incorporation date||19 Mar 2008|
- Proven platform: saves costs by 60%, improves yields 48%
- Generated almost 1GW of tidal energy from its OTP project
- Ready to deploy, with our own marine assets
- Project pipeline includes Morlais site & EU Interreg Project
Tidal energy is entirely renewable, predictable, available 24/7, and brings energy certainty and security - just when this world needs it most.
With a potential global market of £76Bn, the UK Government has pledged to invest £20m a year in tidal energy, estimating that the UK has 50% of Europe’s tidal energy resource, with a predicted GVA of £1.4Bn by 2030. With this world-wide opportunity QED is well placed with its UK and EU operations to benefit.
QED is a technology and project developer with innovative, hybrid, tidal energy solutions. Founded by Jeremy Smith after working with QinetiQ and the MOD, the Company has developed a disruptive, self-deploying, turbine platform called Subhub.
Subhub quite simply deploys, installs and maintains tidal turbines at very low cost, saving up to 60%. The platform’s design also increases yields of sites and turbines by up to 48%.
Through a joint venture acquisition, the Company has acquired a stake in Tocardo BV in The Netherlands, and now has what the Company believes to be one of the world’s most proven tidal turbines, as seen and proven in the Dutch Oosterschelde Dam.
Your green, impact investment in predictable tidal energy will help us demonstrate and further develop our next generation of tidal technology and help impact climate change.
Substantial accomplishments to date
- Subhub - QED’s innovative submersible platform Subhub’s Community Scale demonstration unit (designed in 2014, tank tested, built and launched 2018) has now gone on to prove itself and been tested at sea for 2 years, recently deploying over 200 nautical miles - proving its capabilities, ease and cost of deployment.
- Award of EU Interreg TIGER Project funding as part of €46m showcase project with ORE Catapult, enabling:
- Testing Subhub with ORE Catapult, added new crossbeam support structure and Tocardo T1 tidal turbines.
- Organising arrangements for our Yarmouth Harbour Test Centre on the Isle of Wight, with which we plan to showcase and independently validate our Subhub/Tocardo technology, yields and also our proprietary design tools and software.
- In the process of designing our next generation 1MW Subhub platform and Tocardo T2Si turbines.
- Our Tocardo tidal turbines acquisition in early 2020 and JV partnership with HydroWing/Inyanga (marine operator), has led us to work very closely with Macquarie capital and DMEC (Dutch Marine Energy Centre) and to acquiring Tocardo’s iconic demonstration project - The 1.2MW Oosterschelde Tidal Project (OTP - one of the largest tidal arrays in the world). This has now generated over 1GWhr and, having demonstrated, we seek to roll out further.
- Set up new Marine Projects division, having acquired a workboat and platforms.
- Securing our pipeline of sites and future - we are currently working to secure a 30MW site and berth at MORLAIS in North Wales, and acquiring a site on the west coast of Scotland, aligning ourselves for the UK Government's tidal funding and recent announcements.
In future, it is anticipated that core revenues will come from long term, fixed contracts that have the potential to scale significantly. We also intend to further develop other revenue opportunities including incorporating a hydrogen storage barge and battery solutions. We plan to generate revenue through:
· Subhub Platform technology sales and licences to the wider market of project developers and turbine companies, to assisting project costs and yields.
· Tidal turbines sales and Tocardo dividends from project developers, as we look to replicate our OTP project.
· Recurring long term revenues over a project’s lifespan (10-20 years), with service level agreements for 24/7 through life, health and energy monitoring of platforms, turbines and environment. With this data and learning, using latest AI technology and our data servers, we hope to be able to become a sector leader and to determine optimal operations and maintenance requirements.
· Front End Engineering and Design (FEED) consultancy fees, using our proprietary design tools, data and AI, to benefit other marine renewable developers.
· Project and design studies, wave and tidal environmental resource assessments, using our proprietary ‘TWEET’ software, flow measurement equipment and marine assets.
Use of proceeds
· Building the technical delivery team for both platform and turbine technologies.
· To match fund the EU Interreg TIGER funding
· Complete and validate the high yield performance of both Subhub, and our Tocardo tidal turbines. Working with ORE Catapult as part of the EU TIGER project, this will in turn widely showcase our capabilities and verify our design tools to the sector as a whole.
· Establish our Yarmouth Harbour Test Centre, providing a decommissioning bond.
· Design and procure the next generation Subhub – our industrial scale design (Subhub-ID) and Tocardo T2-SI, for use in our early stage arrays of between 5MW and 10MW. We are building the Subhub-ID platform with the T2-SI turbine to have a peak power output of 1MW.
The Company has the following outstanding convertible loans which are currently in the process of being extended. The terms attached to these loans are below:
1. £60k in convertible loan notes from three Directors (3 Convertible Loans amounting to £20k each). These three loan notes were established in October 2020, with an interest rate of 10% per annum. The Company and Directors are currently extending the longstop date of these loans, which will be rolled over for a further 12 months, ending in July 2023.
Upon the longstop date being reached, each loan holder can choose to either have the loan repaid in cash, or convert the loan into equity equal to 0.75% of QED Naval Limited's share capital (representing a total of 2.25% equity between the 3 loans).
The funds raised from this investment round will not be used to repay these loans.
Investors in this round are investing into and will become shareholders of QED Naval Limited, Company number SC339873, which is the Parent Co. for the group and holds all IP and assets related to Subhub. The group structure is as follows:
QED Naval Limited has two wholly owned subsidiaries, the details of which are:
1. QED Marine Projects Limited (SC655270), established as a marine projects entity holding assets of workboats and equipment.
2. Mor Energy Limited (13832903), established for the planned project and site development in Morlais.
QED Naval Limited also acquired the following subsidiaries through a joint venture with HydroWing, the dedicated supplier of tidal turbines for QED Naval projects). The following subsidiaries are held 50:50 with HydroWing:
1. Tocardo BV whose commercial registry number is 77427319, is a developer of tidal turbines and solutions.
2. Tocardo OTP BV whose commercial registry number is 81106270, is a tidal turbine and energy project.
3. Tocardo Limited (12474213), a UK holding Company for Tocardo IP and Bi-Blades.
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