Siemens Ups Stake in Offshore Renewables

Friday, November 04, 2011

British tidal energy company, Marine Current Turbines Ltd, announced that Siemens is increasing its share in the company to 45%. “With this increase in its stake, Siemens is strengthening its activities in ocean power generation. We will actively shape the commercialization process of innovative marine current power plants,” said Michael Axmann, CFO of the newly founded Solar & Hydro Division within Siemens’ Energy Sector.
Marine Current Turbines (MCT) has evolved from a pioneer to a technology leader in horizontal axis marine current turbines and now has 25 employees. In February 2010 Siemens acquired a minor stake in the Bristol-based company and thus entered the marine tidal current market. Financial details of today’s announcement are not disclosed.
Ocean power is emerging with strong growth rates driven by global CO2 reduction commitments. Until 2020, experts anticipate double-digit growth rates for the ocean power market. Based on further estimates the global potential for power generation using tidal power plants is 800 terrawatt-hours (TWh) per annum.  For comparison, that is equivalent to between three and four per cent of power consumption worldwide.    
Dr Andrew Tyler, CEO of MCT said: “Through the expansion of the partnership with Siemens, we have further strengthened our position in the tidal energy market. We have the increased backing of a major industrial player which is essential to support the commercialization of our proven technology. We are about to approach investors to secure funding for our first two tidal array projects, and Siemens’ increased investment as well as UK Government support should give investors the confidence that we have the necessary backing to deliver these crucial projects and the ones to follow.”
MCT plans to present two Project Investment Prospectuses to the market within the next month for its 8 megawatts (MW) Kyle Rhea project in Scotland and its 10 MW Anglesey Skerries project in Wales. For both projects, applications for leases from The Crown Estate have already been approved. The UK Government’s recent ROCs Banding announcement (October 20) will support these projects with 5 ROCs per megawatt hour proposed for tidal energy. 
In addition, MCT is planning to deploy a tidal system into the FORCE facility in Canada’s Bay of Fundy and has an approval for a lease from The Crown Estate to deploy a 100 MW tidal farm off Brough Ness, on the southernmost tip of the Orkney Islands in Scotland.
MCT has already successfully implemented its first commercial scale demonstrator project SeaGen in Northern Ireland’s Strangford Lough. Since November 2008, SeaGen’s two axial turbines, with a combined capacity of 1.2MW, have been feeding power into the grid to supply the equivalent of around 1500 homes. SeaGen has to date generated over 2.7GWh of electricity to the grid, the largest amount of electricity in the whole of the ocean power sector.
Marine current turbines generate electricity by utilizing tidal current flows. The SeaGen turbine is fixed on a structure and is driven by the flow of the tides with a key advantage that the generated power is precisely predictable in the tidal cycle. This technology effectively is similar to that of a wind turbine with the rotor blades driven not by wind power but by tidal currents. Water has an energy density of more than 800 times that of wind. Twin rotors rotate with the movement of the tidal flow and pitch through 180 degrees to optimally track tidal current direction and speed.
Marine current turbines are part of Siemens’ Environmental Portfolio. In fiscal 2010, revenue from the Portfolio totalled about EUR28 billion, making Siemens the world’s largest supplier of eco-friendly technologies. In the same period, Siemens’ products and solutions enabled customers to reduce their carbon dioxide (CO2) emissions by 270 million tons, an amount equal to the total annual CO2 emissions of Hong Kong, London, New York, Tokyo, Delhi and Singapore.

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

VT Halter Begins Building LNG-powered ConRo Ships for Crowley

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), has commenced construction on the first of two liquefied natural gas (LNG)-powered,

NYK Line Joins PNW West Coast Metro Pool

Effective October 20, 2014, NYK Line has become a member of the PNW West Coast Metro Pool (WCMP) operated by Trac Intermodal. The WCMP operates chassis at all major marine terminals,

ISS Manages Heavy-lift Project at Port of Mombasa

Inchcape Shipping Services (ISS) announced it has completed another complex heavy-lift project in Africa, this time at the Port of Mombasa in Kenya. ISS was

Offshore

Renewable Energy: Schottel Tidal Turbines Ready For Use

In the last months Schottel  successfully tested its hydrokinetic turbines in Strangford Lough, Northern Ireland. The full-scale tests included 260 operating hours under realistic conditions.

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

Statoil: New Oil in the Grane Area

Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea.   Well 25/8-18 S, drilled by the rig Transocean Leader,

Energy

Russian Minister to Intervene with Gazprom on Slovakia Gas Flow

Russia's Energy Minister Alexander Novak will intervene with Gazprom to raise reduced gas shipments to Slovakia to contracted levels, Slovakia's economy ministry

Total Names Refining Boss to Replace de Margerie

French oil company Total has appointed refining boss Patrick Pouyanne as chief executive to succeed Christophe de Margerie who was killed in a plane crash in Moscow this week.

Asia-Pacific Solar Collaboration Conference

The Australian Photovoltaic Institute is holding the inaugural Asia-Pacific Solar Research Conference at the University of New South Wales in Sydney from 8-10 December 2014.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1668 sec (6 req/sec)