Siemens Enters Ocean Power Market By Acquiring Stake in Marine Current Turbines

Siemens AG announced that its subsidiary Siemens Energy has acquired a minority stake of just below 10% in Britain’s Marine Current Turbines, Bristol, England. The company designs and develops tidal current energy turbines.

In its pilot project SeaGen in Strangford Lough in Northern Ireland, Marine Current Turbines have successfully implemented two axial turbines with a combined capacity of 1.2 MW. They have been feeding power into the grid to supply about 1500 homes since November 2008.

“With this investment in an early stage company we’re securing access to an innovative technology in the field of renewables,” said René 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.”

Siemens’ press release points out that marine current turbines resemble underwater wind turbines, which have the advantage that the generated power is predictable in the tidal cycle.  According to Siemens, experts anticipate double-digit growth rates for the ocean power market by 2020.

Source: Siemens AG

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