Tocardo business partner Inyanga Marine Projects completed capital raise
Tocardo business partner Inyanga Marine Projects has completed a £2m capital raise. The deal comprises a minority £0.8m equity investment backed by the Cornwall and Isles of Scilly Investment Fund and £1.25m debt facilities. The investment is being used to fund the expansion of the business. This includes the purchase of DP2 Multi-Purpose Vessel – Inyanga Entsha – that will be based out of Falmouth.
The vessel’s main purpose is to enable and add confidence to the HydroWing technology. The vessel has the capability of Installing 75 MW of tidal energy projects per annum at a very low cost compared to other forms of offshore renewables. The vessel will be converted to undertake the installation, operations and maintenance at a much lower cost than conventional large scale tidal turbines using the HydroWing modular structure. For this purposes the vessel will be fitted with an A-frame mounted on the stern.
Inyanga Marine Projects is part a larger group of companies including HydroWing both based in Falmouth and has recently opened a French office in Rennes – Inyanga Tech S.A.S. HydroWing holds 50% of the shares in Tocardo. Tocardo, as a part of the tripartite cooperation with QED Naval and HydroWing, offers power generating solutions. And will also benefit from the availability of the Inyanga Entsha within the group of companies.
Cornwall & Isles of Scilly Investment Fund
The £40m Cornwall & Isles of Scilly Investment Fund (CIOSIF) provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership.
CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020.