Following an investment round led by the Carbon Trust in 2009, this latest funding brings the total investment in MCT over the past two months to €9.4 million. 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 €5.3 million funding round saying “Our seas are a fantastic asset that can generate clean, green and home-grown power that will boost our transition to a low carbon economy. I’m pleased that more investors are coming forward to back MCT as they seek to harness the UK’s excellent tidal resources.”
The total funding will help the company 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.
“With this investment in an early stage company we’re securing access to an innovative technology in the field of renewables. As one of the technology leaders in ocean power, MCT is a suitable partner for us to enter the promising ocean power market,” declared René Umlauft, CEO of the Renewable Energy Division of Siemens Energy.
MCT was established in 2000 and its 1.2MW SeaGen was deployed in Northern Ireland’s Strangford Lough in April 2008. According to the company, its tidal energy converter has the capacity to generate power for the equivalent of about 1,500 homes using an “underwater windmill” powered by tidal currents rather than the wind.
A single SeaGen system is planned to be deployed in Canada’s Bay of Fundy during 2011 by Canadian company, Minas Bay Pulp & Paper. Since February 2008, the company has partnered RWE npower on plans to develop a tidal farm in waters off Anglesey, north Wales.
“Siemens’ investment in MCT underlines the significant commercial potential that exists for tidal energy across the globe, and enables us to draw upon the company’s extensive knowledge and experience in turbine generation technology,” said Martin Wright, Managing Director of MCT. “We are delighted to have Siemens on board. Siemens is a company with an outstanding international reputation and will help us develop our technology and deliver tidal energy on a commercial and global basis.”
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