26 Nov '14, 6pm

Siemens Announces Plan to Exit Marine Power Sector

Siemens Announces Plan to Exit Marine Power Sector

BRISTOL, England Technology and equipment giant Siemens AG has decided to sell its tidal energy company, Marine Current Turbines Ltd., citing slow development in the marine and hydrokinetics sector. Siemens acquired a minority stake in MCT in 2010 , at which point the Bristol-based group had successfully implemented its first commercial demonstrator project, SeaGen, in Northern Ireland's Strangford Lough. Siemens increased its share in MCT in November 2011, before acquiring the majority stake in February 2012. "A dedicated tidal power industry of critical size will develop in the near future," the company said in a release. "But due to the limited resources, it would be a niche market for Siemens." Divestment of the MHK arm will likely take several months, according to Siemens, and will potentially affect 45 people currently employed by MCT. Siemens said it will offer "com...

Full article: http://www.renewableenergyworld.com/rea/news/article/2014...

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