Ireland-based marine hydro firm OpenHydro and Bord Gáis Energy have 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.
Bord Gáis Energy will initially invest EUR1million (about USD1.3million) in OpenHydro, whose business is the design and manufacture of marine turbines for generating renewable energy from tidal streams. Bord Gáis has also agreed to invest a further EUR1million on achievement of certain milestones relating to the tidal farm development.
Commenting on the announcement, James Ives, chief executive at OpenHydro said: "We are delighted to have secured this investment from Bord Gáis Energy and to have established this exciting new joint venture focused on the development of Ireland's first utility scale tidal farm. The additional funds will be used to support OpenHydro's continued expansion in turbine production and deployment capability. We very much look forward to working with Bord Gáis Energy as a key partner in the development of our business and in delivering tidal energy to Irish homes."
Recently. Nova Scotia Power and OpenHydro announced they have successfully completed recovery of OpenHydro's demonstration turbine from the Minas Passage.
OpenHydro next will conduct a detailed engineering analysis of the unit and access the data collection and storage equipment that was installed on the gravity base and tidal turbine.
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