07 Feb 2011 11:02:08
Ireland's OpenHydro gets more investors
DCNS, a French naval defence and marine energy technology company, has invested €14m to acquire an 8% holding in OpenHydro, an Irish tidal renewable energy company and tidal stream turbine developer. The deal saw the two companies sign a strategic agreement that will enable the companies to combine their marine engineering experience and talent in the tidal energy market.
OpenHydro plans to deploy farms of tidal turbines under the world's oceans, and DCNS aims to play a leading role in marine renewable energy as part of its strategic growth plan.
During the past year the two companies have work on a project for Électricité de France (EDF). This project will see OpenHydro supply and install four large turbines off the Paimpol-Bréhat (Côtes d’Armor) coast in Brittany to create the world's first grid-connected tidal farm.
Frédéric Le Lidec, director of DCNS' marine renewable energy incubator, said: "DCNS will support OpenHydro to promote and construct tidal turbine farms by making available technical and industrial resources.
Le Lidec believes marine renewable energy offers significant opportunities for long-term growth in the renewable energy sector. DCNS is exploring the entire spectrum of marine renewable energy technologies from floating offshore windfarms and marine turbines to ocean thermal energy conversion (OTEC) and wave energy. Of these technologies, this opportunity with OpenHydro in tidal energy is one of the most mature.
In partnership with others, DCNS plans to launch major tidal projects for full-scale industrial programmes.