The story has been updated. The job cuts concern both OpenHydro and its parent Naval Energies. Go to UPDATE - Naval Energies to cut jobs, focus on high-priority projects.
December 6 (Renewables Now) - Irish-based tidal energy company OpenHydro could lose more than 50% of its employees as its owner Naval Energies, a subsidiary of France's Naval Group, has decided to refocus resources, The Irish Independent reported today, citing a statement by the company.
OpenHydro currently has 175 employees, according to the report. Up to 50 jobs will be cut in Ireland and another 50 in France, although this will include some redeployments to the parent group.
The staff reduction will be implemented over the first half of 2018.
According to the statement, cited by the daily, the company is looking to concentrate resources on the highest-priority projects in tidal turbines, floating wind turbines and ocean thermal energy conversion. It says that the marine renewables market is advancing more slowly than originally expected, adding that the delay is in part due to a lack of policy visibility in certain states, among which France.