21 Jan 2011 10:01:55
Bord Gáis to invest €2m in OpenHydro
Bord Gáis Energy has agreed to invest up to €2m in OpenHydro, an Irish tidal renewable energy company. As a result of the investment, OpenHydro and Bord Gáis Energy have formed a joint venture to develop a utility scale tidal farm off the coast of Ireland.
OpenHydro specialises in the design and manufacture of marine turbines for generating renewable energy from tidal streams. Bord Gáis Energy will initially invest €1m in the Irish turbine developer and has also agreed to invest a further €1m on achievement of certain milestones relating to the tidal farm development.
John Mullins, chief executive officer at Bord Gáis said: "This investment—and the formation of the joint venture to develop utility scale tidal generating capacity off the coast of Ireland—will support our ambition to achieve early mover advantage in tidal energy development in this country."
OpenHydro has now raised €15.4m over the past twelve months from existing shareholders and new investors. In 2010, the company, in conjunction with SSE Renewables, was awarded licence rights by The Crown Estate in the UK to develop a major 200MW tidal farm in the Pentland Firth, off the northern coast of Scotland.