Siemens to Take Over U.K. Tidal Turbine Maker in Next Few Weeks
Feb. 17 (Bloomberg) -- Siemens AG, the largest engineering company in Europe, will buy the shares it doesn't already own in U.K. tidal technology developer Marine Current Turbines Ltd.
Siemens has raised its stake in the Bristol-based company to more than 90 percent from 45 percent and plans to acquire the remaining shares "in the next few weeks," Eva-Maria Baumann, a Siemens spokeswoman, said today, without giving a price.
"We're convinced of the technology and the market potential for tidal energy, especially in the U.K.," Baumann said in a phone interview. "Tidal energy is a perfect match for the fluctuating wind energy as you know hundreds of years in advance how the tides will be."
Energy from the waves and tides has the potential to meet as much as 20 percent of current U.K. electricity demand, according to the government. The country is aiming for 15 percent of its energy to come from renewable sources by 2020.
MCT's SeaGen demonstration project in Northern Ireland has fed more than 3 gigawatt-hours of electricity into the grid since it began operating in 2008, Baumann said. Siemens plans two additional projects totaling 18 megawatts in Scotland and Wales, it said in an e-mailed statement.
To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net
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