International funding powers tidal turbines
Marine Current Turbines’ SeaGen tidal energy turbine is generating power in Northern Ireland’s Strangford Lough.
Siemens Energy has invested in British tidal energy company Marine Current Turbines Ltd, alongside the Carbon Trust, High Tide and other private investors.
Following an investment round led by the Carbon Trust in 2009, this latest funding brings the total investment in Marine Current Turbines over the past two months to £8.5m. Investors in the first round included Bank Invest, Carbon Trust, EDF Energy and High Tide.
Lord Hunt, Minister of State for the UK Department of Energy and Climate Change welcomed the new £4.8m funding round saying, ‘Our seas are a fantastic asset that can generate clean, green and home grown power that will boost our transition to a low carbon economy. I’m pleased that more investors are coming forward to back Marine Current Turbines as they seek to harness the UK’s excellent tidal resources.’
The total funding will help Marine Current Turbines (MCT) in its plans to deploy the UK’s first commercial tidal energy farm in UK waters within the next two years. SeaGen, the company’s prototype commercial tidal energy turbine, has already exceeded 1,000 hours of operation in Northern Ireland’s Strangford Lough, a first for any marine energy device.
René Umlauft, CEO of the Renewable Energy Division of Siemens Energy said, ‘With this investment in an early stage company we’re securing access to an innovative technology in the field of renewables. 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 Energy Sector had revenues of some €25.8bn last year, received new orders of some €30bn and posted a profit of €3.3bn.
Martin Wright, managing director of Marine Current Turbines said, ‘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. Siemens is a company with an outstanding international reputation and will help us develop our technology and deliver tidal energy on a commercial and global basis.’
Tom Delay, chief executive of the Carbon Trust concluded, ‘This new deal represents a major vote of confidence in Britain’s marine energy industry. 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.’
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