Tocardo-Mosscliff tidal venture raises USD 200m - report

Dutch company Tocardo International BV and UK-based Mosscliff Environmental Ltd have created a tidal power venture that has already raised some USD 200 million (EUR 182m) in financing.

The new firm, called MT Tidal Ltd, will focus primarily on projects in the UK, Ireland and France, where it is already considering five developments, its CEO Paul Morris told Bloomberg on Thursday. In addition, the company is also looking into four possibilities in the US and Asia.

MT Tidal will use Mosscliff’s experience in project development and Tocardo’s turbine manufacturing expertise. The latter’s current offerings include 125-kW and 225-kW devices, but the company also plans to start production of a 800-kW machine this year and a 2-MW unit in 2017, Bloomberg said.

Morris said, as cited by the news agency, that MT Tidal’s backers are private and institutional investors in the US. He, however, did not disclose their names.

(USD 1.0 = EUR 0.911)

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