Atlantis Resources has raised £5million after placing 12.5million shares for sale.
The money raised will finance the contribution of the company to the MeyGen project and pay fees associated with the seabed lease at the Fundy Ocean Research Centre for Energy in Canada.
In September the company revealed it had secured a £51million-plus funding package to take the MeyGen project forward.
It will also be used to repay $1.58million from EDB investments.
The shares were put on a placing price of 40p each by the energy developer in the tidal power sector.
Tim Cornelius, chief executive officer of Atlantis, said: “We are delighted with the support of both new and existing investors for this placing.
“The funds will enable us to progress to the construction stage of Phase 1A of the MeyGen project.
“MeyGen is expected to be the world’s first commercial-scale multi-turbine tidal energy project to come on stream.
“When fully completed, the project is expected to have 265 turbines submerged on the seabed, generating enough power for almost 200,000 homes in Scotland.”
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