Siemens strengthens its position in ocean power

Siemens has acquired the majority stake in Marine Current Turbines Ltd., the UK company based in Bristol, which develops and builds tidal power systems.

“The acquisition of Marine Current Turbines is an important step forward for the Solar & Hydro Division,” said Ted Scheidegger, CEO of the Solar & Hydro Division of Siemens Energy FWB: SIE, NYSE: SI. “We will continue to drive the commercialization of this promising technology which harvest energy from highly predictable tidal streams. Our target is to secure a leading position in this future business.”

As a pioneering company, Marine Current Turbines has become a technology leader in tidal power systems.

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