Under the terms of the deal, Siemens will receive a 9.99% stake in Atlantis.

Atlantis will acquire technology, staff, seabed rights and the existing Strangford Lough project in Northern Ireland.

The company expects the acquisition to create one of the largest portfolios of tidal current power projects in the UK.

Atlantis will own six projects in Wales, Northern Ireland and southern England as well as an additional project development capacity of 200MW.

A turbine assembly facility will also be established at energy services contractor Global Energy’s Nigg yard in the Scottish Highlands, as part of the deal.

Global Energy will finance the ongoing working capital of MCT.

Atlantis will acquire MCT 1.2MW surface piercing tidal SeaGen system, tidal turbine intellectual property portfolio and the designs for MCT’s turbines, including its next generation 1MW fully submerged SeaGen turbine and 1MW SeaGen system designed for floating deployment applications (SeaGen F).

Atlantis CEO Tim Cornelius said: "This deal sees two industry leaders, MCT and Atlantis, combining to underpin the UK’s position as one of Europe’s tidal power leaders."

Siemens Wind Power and Renewables Division hydro & ocean power CEO Achim Woerner said: "This will enable the areas of competence of Marine Current Turbines, in particular its engineering capabilities, to be retained.

"Siemens will continue to cooperate with respect to component supply with MCT / Atlantis in the future."

Image: SeaGen tidal system in Strangford Lough Northern Ireland. Photo: courtesy of Marine Current Turbines Limited.