Siemens increases stake in ocean power company
In an effort to strengthen its activities in ocean power generation, Siemens Energy has increased its stake in Marine Current Turbines (MCT), a UK-based ocean power company, to 45%.
In February 2010, the company entered the marine tidal current sector by acquiring a minor stake in MCT.
MCT has already implemented its first commercial-scale demonstrator project, SeaGen, in Strangford Lough in northern Ireland.
Two axial turbines with a total generating capacity of 1.2MW have been feeding power into the grid since November 2008.
Siemens said ocean power is emerging with strong growth rates driven by global CO2 reduction commitments, and until 2020, double-digit growth rates are expected for the ocean power business.