An American tidal power firm has announced plans to set up a base in Scotland, making it the first US renewable energy firm to invest in the nation.

ResHydro will receive a £100,000 grant from the Scottish Enterprise and will work with the University of Strathclyde for further research and development for its hydrokinetic energy generation device. The technology is expected to produce more energy, in more locations and at a lower cost than current renewable technologies.

Samuel Lewinter, CEO of ResHydro said: “We are pleased to have the opportunity to open our Scottish subsidiary where we will have access to significant technical expertise and where market conditions will contribute to the most expeditious commercialisation of our technology.”

Scotland’s First Minister Alex Salmond, who is currently in the US as part of a programme to attract inward investment, said the nation has “hit the natural lottery twice”, initially with oil and gas and now with its green energy resources.

He added: “Our reputation as a work leader in energy, combined with our supportive business environment and highly skilled workforce, is a powerful proposition for overseas companies looking to succeed in this growing sector.”