Marine Current Turbines is pleased to announce that global engineering firm, Siemens, has invested in the firm 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 £8.5million. 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 £4.8million 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 world-leading 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.”
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, Carbon Trust said: “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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For further information:
Marine Current Turbines
Martin Wright, Managing Director
Tel: + 44 (0)117 979 1888 / +44 (0)7785 340671
Paul Taylor (Taylor Keogh Communications)
Tel: +44 (0)20 3170 8465 / +44 (0)7966 782611
Email: paul@taylorkeogh.com
Siemens press office
Eva-Maria Baumann
Tel: +49 9131 18-3700
E-mail: eva-maria.baumann@siemens.com
Carbon Trust press office
Tel: +44 (0)207 544 3100
Notes to Editors
About Marine Current Turbines
Marine Current Turbines Ltd (www.marineturbines.com) was established in 2000. The 1.2MW SeaGen was deployed in Northern Ireland’s Strangford Lough in April 2008; it has the capacity to generate power for the equivalent of about 1500 homes. It works in principle much like an “underwater windmill” with the rotors driven by the power of the tidal currents rather than the wind.
A single SeaGen system is planned to be deployed in Canada’s Bay of Fundy during 2011 by Canadian company, Minas Bay Pulp & Paper. Since February 2008, the company has partnered RWE npower on plans to develop a tidal farm in waters off Anglesey, north Wales.
Siemens Energy
The Siemens Energy Sector (www.siemens.com/energy) is the world’s leading supplier of a complete spectrum of products, services and solutions for the generation, transmission and distribution of power and for the extraction, conversion and transport of oil and gas. In fiscal 2009 (ended September 30), the Energy Sector had revenues of approximately EUR25.8 billion and received new orders totaling approximately EUR30 billion and posted a profit of EUR3.3 billion. On September 30, 2009, the Energy Sector had a work force of more than 85,100. Further information is available at: www.siemens.com/energy
The Carbon Trust
The Carbon Trust (www.carbontrust.co.uk) is a not-for-profit company with the mission to accelerate the move to a low carbon economy, providing specialist support to business and the public sector to help cut carbon emissions, save energy and commercialise low carbon technologies. By stimulating low carbon action we contribute to key UK goals of lower carbon emissions, the development of low carbon businesses, increased energy security and associated jobs.
We help to cut carbon emissions now by:
Providing specialist advice and finance to help organisations cut carbon
Setting standards for carbon reduction
We reduce potential future carbon emissions by:
- Opening markets for low carbon technologies
- Leading industry collaborations to commercialise technologies
- Investing in early stage low carbon companies
The Carbon Trust recently announced £22m of new funding for six of the most promising wave and tidal energy companies including MCT. The Marine Renewable Proving Fund uses funding from the Department of Energy and Climate Change (DECC) to develop wave and tidal technologies by helping the UK’s most promising technologies to progress towards early stage deployment and accelerating the first commercial projects in UK waters.
About CT Investment Partners LLP
· CT Investment Partners LLP is the FSA authorised and regulated venture capital advisory firm, jointly owned by Carbon Trust and its executives, which advises Carbon Trust Investments.
About Carbon Trust Investments
· Carbon Trust Investments Limited is the venture capital investment subsidiary of the Carbon Trust. Carbon Trust Investments has invested in 18 businesses over the last seven years. Two of these companies, Ceres Power PLC and CMR Fuel Cells PLC listed on AIM. A further portfolio company, Heliswirl Technology Ltd, has achieved a partial exit.
· The Carbon Trust’s investment is drawn from an additional £18m fund, provided by the Department of Energy and Climate Change, announced by the Carbon Trust in November. The fund was designed to speed up Britain’s move towards a low carbon economy by providing promising UK clean energy sector companies with investment over the next 12-18 months.
This press release is not to be construed as an invitation or inducement to engage in any investment activity. This document does therefore not constitute a financial promotion in the United Kingdom for the purposes of section 21(1) of the Financial Services and Markets Act 2000. The information contained in this press release is being made available solely as part of the Carbon Trust Group’s general activity of promoting deployment of, and investment in, clean energy businesses and low carbon technologies.