Siemens Acquires Stake in Tidal Energy Company Marine Current Turbines

Siemens Energy has acquired a minority stake in England’s Marine Current Turbines, a pioneer in the design and development of tidal current energy turbines. Siemens acquired a stake of just below 10 percent in the Bristol-based company.

“With this investment in an early stage company we’re securing access to an innovative technology in the field of renewables,” said Rene Umlauft, CEO of the Renewable Energy Division of Siemens Energy. “As one of the technology leaders in ocean power, Marine Current Turbines is a suitable partner for us to enter the promising ocean power market.”

The ocean energy industry potentially could represent a large source of renewable electricity, reaching up to 200 GW of installed generation capacity by 2025, according to a recent report by Pike Research.

The UK’s Carbon Trust recently announced 22 million pounds (US$34.5 million) of new funding for the six most promising wave and tidal power technologies. MCT was among the companies selected for funding.

Marine Current Turbines has already successfully implemented its first commercial demonstrator project SeaGen in Strangford Lough in Northern Ireland. Since November 2008, two axial turbines with a combined capacity of 1.2 MW have been feeding power into the grid to supply about 1,500 homes.

Tidal power stations are part of the Green Grid plan for the North Sea. Nine European countries are planning to connect renewable power generation sources like tidal, hydropower, and wind to a HVDC underwater energy grid in the North Sea.

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