Untitled Document

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

Related Articles

A Positive Outlook for Hydropower

As diverse as the globe itself, the world of hydropower development is a heterogeneous one, ...

Viewpoint: Securing Skills and Experience: The Route to Commercial Success for MHK

News that Atlantis Resources has struck a deal with Siemens to acquire the entire share capi...

Schottel Hydro receives MeyGen tidal turbine parts contract

German marine propulsion manufacturer Schottel Hydro has received a contract from Lockheed M...

Czech utility awards contract for turbine overhaul at Lipno hydropower plant

Czech utility CEZ has awarded a US$3.4 million contract to CKD Blansko Engineering Inc. to p...

Recent Comments




Hydro Slideshows

more slideshows >>  

Hydro Whitepapers

Industry News

Editor's Picks

06/01/2015
Volume 34, Issue 5
05/01/2015
Volume 23, Issue 3

Buyers Guide Products