NEWS FLASH: TIDAL SAILS GAINING SPEED

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) September 3, 2008 --

Tidal Sails AS, developer of tidal stream energy, is proud to announce its hiring of a full-time Technology Director. Effective today, Mr Terje ONERHEIM will be part of its team and devote his 20+ years of experience from the off-shore oil industry to the fast-growing cleantech company. Mr Onerheim transfers from the post of Business Manager Subsea Projects at Aibel AS. Mr Onerheim, a mechanical and electrical engineer, states: “I am excited not just about the whole principle of this fascinating new technology, but also about the fact that it is really possible to produce environmentally clean energy from tidal streams. I will do my best to realise its commercial potential”.

Tidal Sails was formed in 2004. Its founder, commercial airline pilot Are Børgesen, is the inventor of the company’s unique concept to capture the energy in ocean tidal streams, a still unexploited renewable energy source. Using strings of underwater sails, invisibly moored across the tidal stream, Tidal Sails can achieve superior efficiency to all other concepts that use turbines expensively installed in mid-stream. Its technology advantages translate to the lowest cost and the highest profit potential in this exciting segment of the clean energy business.

Working with partners in several countries, the company has achieved world-wide patenting and verification of the basic concept and the launch of a first small-scale model in a real tidal stream in 2007. Today, it is entering its next exciting phase, which will bring sail-based tidal stream power to full technical qualification and create the first market-ready power plants. Major markets for tidal energy are in the UK, Canada, US, and East Asia, but Tidal Sails believes Norway also has a valuable tidal resource base that could be successfully tapped by its technology.

Tidal Sails has been financed by private individuals, with new small investors continually getting on board. Some public support has also been received. Innovation Norway saw the company as a “lighthouse for other start-ups” when it was awarded its official incubator status. The company is actively seeking major investment capital for its next growth phase and is currently preparing a share issue.

Tidal Sails is also starting to show on the radar of the global clean-tech investment community. Recent reports on financial news services attracted attention from major banks and potential investors. On Sept.2 and 3, an exclusive documentary about Tidal Sails will be aired on CNBC business TV’s popular "pre-market" morning news and talk program “Squawk Box”. In the CNBC report, Tidal Sails’ President, Cmdr Børgesen, its Chief Scientist, Prof. Torgrim Log and VP Dr Jan Hanssen explain how sails capture energy, featuring interviews and shots on location in Norway supplemented by computer animations. After its broadcast worldwide, the video clip will be available for viewing on the company's website www.tidalsails.com.

clean technology     innovation     marine     norway     off-shore industry     renewables     tidal energy