Atlantis to acquire Marine Current Turbines

Tidal power company Atlantis is to acquire the share capital of the Bristol-based tidal business, Marine Current Turbines, (MCT) from Siemens in an all share deal, subject to certain conditions being satisfied.

Siemens decided to exit the marine energy industry earlier this year by selling MCT, one of the most important pioneers of tidal energy technology – see Energy World January 2015. The company operates the world’s first commercial-scale (1.2 MW) tidal turbine at Strangford Narrows in Northern Ireland.

If the deal goes ahead, Atlantis would be acquiring an iconic British tidal turbine business, including extensive seabed rights, existing projects, staff and intellectual property. It would also represent consolidation of two leading tidal technologies companies and create one of the largest portfolios of tidal current power projects in the UK.