DCNS acquires stake in tidal renewable energy company OpenHydro

France-based DCNS, a leader in naval defense and a player in energy, and OpenHydro, the Irish tidal renewable energy company, have signed a strategic agreement that will enable the companies to combine their marine engineering strengths in the tidal energy market.

As part of the agreement, DCNS has acquired an 8 percent holding in OpenHydro for an investment of EUR14 million (about USD19.1 million), a press release states.

OpenHydro designs and manufactures marine turbines to generate renewable energy from tidal streams. The company's vision is to deploy farms of tidal turbines under the world's oceans. For its part, DCNS aims to play a leading role in marine renewable energy as part of its strategic growth plan.

The investment agreement is subject to approval from both the French government and OpenHydro shareholders.

Recently, OpenHydro and Bord Gáis Energy concluded an agreement for Bord Gáis Energy to become a shareholder in OpenHydro.

In addition to the investment, OpenHydro and Bord Gáis Energy have formed a joint venture focused on the development of a utility-scale tidal farm off the coast of Ireland.

For more hydropower news and information, click here



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs