Weekly Intelligence Brief

Siemens Energy acquires stake in MCT

11 March 2010

Engineering firm Siemens has chosen to invest in Bristol, England-based Marine Current Turbines (MCT).

With this move, Siemens Energy, which has opted for stake “just below 10%” in MCT, has forayed into the ocean power market. The company has invested in the firm alongside the Carbon Trust, High Tide and other private investors.

For its part, MCT mentioned that following an investment round led by the Carbon Trust last year, this latest funding brings the total investment in Marine Current Turbines over the past two months to £8.5 million. Investors in the first round included Bank Invest, Carbon Trust, EDF Energy and High Tide.

The total funding will help MCT in its plans to deploy the UK’s first commercial tidal energy farm in UK waters within the next two years.

Tom Delay, chief executive, Carbon Trust mentioned that this new deal represents a major vote of confidence in Britain’s marine energy industry.

He emphasised that the UK must urgently diversify, decarbonise and secure its energy sources and marine energy could over time provide up to 20% of the UK’s electricity.

“Generating electricity from the UK’s powerful wave and tidal resource not only plays a crucial role in meeting our climate change targets but also presents a significant economic opportunity for the UK,” said Delay.

MCT’s first commercial demonstrator project SeaGen is in Strangford Lough in Northern Ireland and it is also working on a deployment in Canada’s Bay of Fundy with Canadian company, Minas Bay Pulp & Power. Since February 2008, the company has partnered RWE npower on plans to develop a tidal farm in waters off Anglesey, North Wales. 

Read more:

The Carbon Trust: http://social.tidaltoday.com/search/node/The+Carbon+Trust

Marine Current Turbines: http://social.tidaltoday.com/search/node/Marine+Current+Turbines