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Siemens tightens grip on UK tidal turbine company

Siemens tightens grip on UK tidal turbine company
GERMAN group Siemens has raised its stake in UK firm Marine Current Turbines to 40%.

GERMAN group Siemens has raised its stake in UK firm Marine Current Turbines to 40%.

Siemens clearly sees MCT’s technology, which is currently on test in the entrance to Strangford Lough, Northern Ireland, as commercially viable, given that it previously held a modest 12%.

Dr Andrew Tyler, CEO of the Bristol firm said of the deal: “Through the expansion of the partnership with Siemens, we have further strengthened our position in the tidal energy market. We have the increased backing of a major industrial player which is essential to support the commercialisation of our proven technology.”

MCT plans to present two Project Investment Prospectuses to the market within the next few weeks for its 8megawatts (MW) Kyle Rhea project and its 10MW Anglesey Skerries project in Wales. For both projects, applications for leases from The Crown Estate have already been approved. The Government’s latest ROCs Banding announcement (October 20) will support these projects with 5ROCs per megawatt hour proposed for tidal energy.

MCT is also planning to deploy a tidal system at the FORCE facility in Canada’s Bay of Fundy and has an approval for a lease from The Crown Estate to deploy a 100MW tidal farm off Brough Ness, on the southern-most tip of Orkney.

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