Siemens set to acquire UK company Marine Current Turbines
March 23, 2012 – Siemens has acquired the majority stake in Marine Current Turbines Ltd. (MCT), the UK company based in Bristol, which develops and builds tidal power systems.
“The acquisition of Marine Current Turbines is an important step forward for the Solar & Hydro Division,” said Ted Scheidegger, CEO of the Solar & Hydro Division of Siemens Energy. “We will continue to drive the commercialization of this promising technology which harvest energy from highly predictable tidal streams. Our target is to secure a leading position in this future business.”
MCT is a technology player in tidal power systems. Back in November 2011, Siemens increased its stake in the company to 45%, and is now planning to complete the acquisition in the coming few weeks. Financial details of the deal are not disclosed.
According to the companies, global carbon reduction commitments are increasing demand for reliable marine current power, and experts are expecting double-digit annual growth rates for this sector up to 2020. The worldwide potential for power generated by tidal power plants is estimated at 800 terawatt-hours (TWh) annually.
“Siemens’ acquisition is hugely welcomed by staff and management at MCT and signals great confidence in MCT’s achievements over many years,” said Andrew Tyler, CEO of MCT.
Tidal turbines generate electricity by utilizing tidal current flows – the SeaGen turbine is fixed on a structure and is driven by the flow of the tides. This technology is effectively similar to a wind turbine, with the rotor blades driven not by wind power but by tidal currents.