BIG MONEY PICKS OCEAN ENERGY WINNER

Siemens Invests in Marine Current Turbines
25 February 2010 (Marine Current Turbines)

"…[Multinational energy giant] Siemens has invested in [Marine Current Turbines] alongside the Carbon Trust, High Tide and other private investors…[T]his latest funding brings the total investment in Marine Current Turbines over the past two months to £8.5million. Investors in the first round included Bank Invest, Carbon Trust, EDF Energy and High Tide.

"Lord Hunt, Minister of State for the UK Department of Energy and Climate Change welcomed the new £4.8million funding round…The total funding will help Marine Current Turbines (MCT) in its plans to deploy the UK’s first commercial tidal energy farm in UK waters within the next two years. SeaGen, the company’s world-leading prototype commercial tidal energy turbine, has already exceeded 1,000 hours of operation in Northern Ireland’s Strangford Lough, a first for any marine energy device…"

Seagen (click to enlarge)

[René Umlauft, Renewable Energy Division CEO, Siemens Energy:] “With this investment in an early stage company we’re securing access to an innovative technology…Marine Current Turbines is a suitable partner for us to enter the promising ocean power market.”

A Seagen array (click to enlarge)

[Martin Wright, Managing Director, Marine Current Turbines:] “Siemens’ investment in MCT underlines the significant commercial potential that exists for tidal energy across the globe…[Siemens] will help us develop our technology and deliver tidal energy on a commercial and global basis.”

[Tom Delay, Chief Executive, Carbon Trust:] “This new deal represents a major vote of confidence in Britain’s marine energy industry…[M]arine energy could over time provide up to 20% of the UK’s electricity…[T]he UK’s powerful wave and tidal resource not only plays a crucial role in meeting our climate change targets but also presents a significant economic opportunity for the UK.”