Siemens invests in British tidal energy developer

Marine Current Turbines (MCT) announced today that it had raised £4.8 million in new investment through Siemens, the Carbon Trust, High Tide and other private investors. The investment follows £3.5 million of funding already secured by MCT from the Carbon Trust, Bank Invest, EDF Energy and High Tide, in December. Both tranches of finance will bring MCT closer to its plans to deploy the UK’s first commercial tidal energy farm within UK waters over the next two years.

MCT has already installed the 1.2 megawatt SeaGen, in Strangford Lough in Northern Ireland. The technology is now operating remotely and generating power that is being sold to the grid and recently passed 1,000 hours of operation – a first for any marine energy device.

Martin Wright, managing director of MCT, said Siemens would give the UK tidal energy company the opportunity to develop its technology and deliver tidal energy commercially on a global scale. “Siemens’ investment in MCT underlines the significant commercial potential that exists for tidal energy across the globe, and enables us to draw upon the company’s extensive knowledge and experience in turbine generation technology. We are delighted to have Siemens on board,” he said.

René Umlauft, ceo of the Renewable Energy division of Siemens Energy, described MCT as a leader in marine power technology and a way into this emerging market for Siemens. “With this investment in an early stage company we’re securing access to an innovative technology in the field of renewable,” he said.

Related news: