German giant Siemens engineering has increased its support to the UK tidal energy market of the tides, after increasing its minority stake in Marine Current Turbines (MCT). MCT tidal technology developer confirmed today Siemens has raised its stake in the firm to 45 percent, compared with 10 percent was purchased in February 2010.
This news comes weeks after the governments of Britain and Scotland announced plans to increase financial support for generating tidal energy through the Renewable Obligation Certificate funding scheme. Scotland also recently introduced a £ 18 million fund to help market the nation's first commercial wave as well as tidal power arrays. Chief executive of MCT, Dr Andrew Tyler, said he expects that the investment of Siemens and additional government support to help secure financing for their first two sets of tides.
MCT is expected to begin seeking funding in the next month the construction of the 8 MW Kyle Rhea 10MW project in Scotland and Wales Anglesey Skerries project. Siemens previous month divide its renewable business into two different units – wind power, and hydro and solar.
MCT also plans to deploy a system of current in power installations in the Canada's Bay of Fundy, and has the approval of a lease from Crown Estate to implement a farm of 100 MW of tidal Brough Ness, at the southern tip of the Orkney Islands, Scotland. Chief financial officer Michael Axmann, of the newly created division of solar energy and hydroelectricity, said the increased participation to strengthen its actions in ocean energy generation.