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Contact :David McSherry - C.E.O.

Mobile +44 78 87 82 56 00 e-mail: davidmcsherry@cormarent.co.uk

The Market Potential: The global tidal stream energy market has been estimated by the UK Carbon trust to be between 90TWh/yr and 120TWh/yr. The estimated market for equipment to supply that market is greater than USD 60 billion and the annual power sales are predicted to exceed USD 10 billion. New carbon emissions reduction targets in the EU are helping to drive the market and member states to source 20% of their power from renewable sources by 2020. Large scale tidal project development entered its early phase in 2008 in the UK with the Pentland Area tender for tidal sites. Tidal energy is also expected to contribute to carbon reduction in the USA & Canada.

Overview: Cormarent has significant differentiators from competitors, it may be installed using low cost tugs, needs no trimming controls to follow the current, only has two moving parts, is moored mid-stream and has a high power to mass ratio. Units nominal rated at 1MW will be formed into large tidal arrays providing a scalable, universal tidal stream technology. Its unique features allow it to be deployed in multi-directional current (about 10% of the total resource) where the competition is at its weakest, providing good confidence that early investment can be recovered profitably. However Cormarents can be deployed in all sites greater than 40M deep where the majority of the in-stream tidal resource can be found and œleap frog the competition to profitably. Cormarents upside growth potential is for sales in excess of USD 2 billion. Cormarent is predicted to produce near zero carbon electricity in the price range USD 0.10 to 0.20 /KWh depending on the location. The technology is based on existing engineering practice in the marine and wind sectors.

Amount Sought:
Round A - USD 7m to complete Phase 2 development including the engineering design and concept optimisation leading to the deployment of a scale prototype. Duration 2 years.

Round B - USD 11m and following two years after Round A to complete Phase 3 development. Phase 3 will design, build and deploy a commercial scale demonstrator unit within 2 years of the start of Phase 3. Commercial activates will develop sales contracts and negotiate business partnerships for the production of turbines and development of tidal farm projects.

All monies will be drawn down in stages against successful completion of key milestones.

The management team: Lead my David McSherry, C.E.O - MBA, BSc Energy Engineering, CEng, who has lead start up business in energy sector and significant strategy development projects for major energy companies in Europe. He is supported by a networked team of marine and electrical engineers with experienced gained in the offshore oil and gas sector. Project partners to date are University of Plymouth a leading marine energy faculty and Gurit a high end international composites company.

Product/service: The Cormarent tidal stream energy turbine.
Technical development will be completed in the UK to exploit strong R&D support grants and high green power prices. Commercial development will be extended to the USA and Canada offering a combined total of more the 50% of the estimated global market.

Achievements to date: Laboratory testing and CFD modelling has been completed with project partners University of Plymouth, Gurit and BMT Limited. The results validated the concepts principle benefits and cost advantages compared to the competitors. The patent process is ongoing and patent protection is expected to be achieved.

Planned Growth/Development Strategy: The technology will be licensed to engineering firms to manufacture generator units. Cormarent will partner project development firms or utility companies to develop tidal stream energy farms in the USA Canada and the UK and sell direct to project developers in other regions.

Exit route: Via a trade sale to an engineering firm or power company in four years after Phase 3.