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.
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