A further Can$2 million grant has been made available for SyncWave Systems' wave energy demonstration project, by the Province of British Columbia’s Innovative Clean Energy (ICE) Fund. The latest tranche of money, announced yesterday (6th April), means the company has raised approximately 60% of the total funds required to commence the project.

“These are particularly tough times to raise cash for an early-stage venture, but SSI seems to have struck the right balance in technology, strategy, team, and opportunity” said William Zakroff, CEO of Marinus Power LLC, and a Director of SSI.

Other fund fro the project include, Can$2.7 million in a matching grant awarded earlier this year from the Government of Canada’s SDTC Fund, and a US$1 million pledge of in-kind contribution by Cianbro Corporation of Maine, a Marinus industrial partner.