Cambridge Cleantech start-up, Green-Tide Turbines Ltd, (G-TT), presented to the Vice President of BNDES (the Brazilian National Development Bank) as “Britain’s most promising start-up” by Lord Green, the Minister of State for Trade and Investment.  Green-Tide’s CEO, Michael Evans, was invited to join senior executives from some of the UK’s biggest companies on a business delegation to Brazil headed up by Nick Clegg, Lord Green and David Willetts aimed at improving UK-Brazil relations.

During the course of the visit Green-Tide signed an agreement with COPPETEC, the Federal University of Rio de Janeiro’s Post Graduate technology centre, to collaborate on the future research and development of their river and tidal stream turbines in Brazil. Green-Tide also moved one step closer to the formation of a Joint Venture with a prominent Brazilian company to set up Green-Tide Brasil, a Brazilian company aimed at manufacturing and distribution of G-TT’s turbines in South America. G-TT’s strategy in Brazil will lead to 100% funding of on going R&D within Brazil by two of G-TT’s end customers; Eletrobras and Petrobras Renewables. This funding will reduce the amount of capital required to get their turbines to market by up to £20-30 million. This also demonstrates a significant endorsement for G-TT’s technology and gives G-TT access to Brazil’s rapidly growing market and the markets of the rest of South America.

Green-Tide are currently seeking further equity finance to fund on going R&D activities in the UK involving QinetiQ in Haslar in the South of England. This funding will also be used to build the Brazilian management team and support fund raising activities in Brazil for our Brazilian company.

The Brazilian market has seen annual growth of 7.5% in 2010 at a time when most of the leading world economies are struggling to get above the 2%. Brazil has now surpassed Italy to become the world’s seventh largest economy. With its new found oil wealth and up coming World Cup and Olympic events, Brazil is expected to see significant growth for years to come. Brazil recognises that they need external help to develop their economy and are opening their markets to the UK and others to take advantage of the latest technologies, to learn to innovate and develop the skills of their work force.

Michael Evans, G-TT’s CEO quote: “We have been stunned by the size of the opportunity in Brazil and greatly encouraged by the way Brazil is open to doing business with the UK. We are extremely grateful for the outstanding support we have received from UKTI in helping us find and exploit these opportunities and for providing us with credibility through inviting us to join such a high level delegation. “

The UK business delegation consisted of : the Vice President of the BG Group, Regional MD for Atkins Global, Director for Latin America for Shell, Senior Principle for Populous, Vice Chairman of Deloitte, CEO of MIRA, President of Rolls Royce Energy, Vice President of Invensys, Chairman of 3i Americas and 3i Asia, Vice President of BP, Rumi Verjee CBE, Chairman of ARUP, Head of Global Banking and Markets Division of Santander UK, MD of BAE Systems , CEO of ISG, UK MD of AECOM, Group COO of Tullett Prebon plc and ….. Michael Evans CEO of Green-Tide Turbines Ltd the Cambridge based Cleantech start-up!