Siemens has acquired a majority stake in the UK tidal power company Marine Current Turbines Ltd.
"The acquisition of Marine Current Turbines is an important step forward for the Solar & Hydro Division," says Ted Scheidegger, CEO of the Solar & Hydro Division of Siemens Energy.
"We will continue to drive the commercialisation of this promising technology which harvest energy from highly predictable tidal streams. Our target is to secure a leading position in this future business."
Siemens took a 45% stake in the tidal company in November, and is planning to complete the acquisition in the coming few weeks. Financial details of the deal were not disclosed.
Marine Current Turbines has already implemented a 1.2 MW demonstration tidal power project with its SeaGen devices in Strangford Lough in Northern Ireland.
Further projects are at the planning stage, including the 8 MW Kyle Rhea project in Scotland and the 10 MW Anglesey Skerries project in Wales.
"Siemens' acquisition is hugely welcomed by staff and management at MCT and signals great confidence in MCT's achievements over many years," says Andrew Tyler, CEO of MCT.
