Siemens acquires stake in Marine Current Turbines
Siemens has acquired a majority stake in Marine Current Turbines, a developer of tidal power generation projects.
The value of the transaction has not been disclosed.
The deal is expected to close in the next few weeks, reports ecoseed.org.
Earlier in 2010, Siemens acquired a 10% stake in Marine Current Turbines and then increased its stake to 45% in November 2011.
Marine Current Turbines is the developer of 1.2MWSeaGen power plant located in Strangford Lough in Northern Ireland.
This is world's first commercial tidal current power plant and has fed more than 3Gw-hours of electricity to the grid.
The SeaGen technology uses two axial flow rotors mounted and submerged on a single piling support structure.