An airborne wind energy firm has secured a £2 million investment from the Scottish Investment Bank (SIB).

Kite Power Systems’ (KPS) technology features two kites which fly up to an altitude of 1,500 feet. Both kites are attached by tethers to a winch system that generates electricity as it spools out.

Keith Brown, Scottish Government Cabinet Secretary for Economy, Jobs and Fair Work announced the news, joined by Paul Wheelhouse, Minister for Business, Innovation and Energy.

The SIB joins E.ON, Schlumberger and Shell Technology Ventures, which announced a combined £5 million investment in the company in December last year.

KPS claims the flying system has the potential to transform the global offshore wind market, as it is cheaper to manufacture and easier to construct than conventional wind turbines.

The company has been flight testing its current 40kW system during the past few weeks and has secured planning consent to deploy the new 500kW power system, following delivery of the completed model, during August 2017.

Mr Brown said: “Scotland has a long and proud history of innovation and Kite Power Systems’ pioneering approach to harnessing wind energy shows great promise.

“The company has recently relocated from Essex to Glasgow and this £2 million investment from the Scottish Investment Bank will enable it to expand further and demonstrate the latest iteration of its kite power technology in Scotland.”