Bord Gáis Energy has agreed to invest EUR2M in tidal energy company OpenHydro, while the two firms will also form a joint venture focused on the development of a utility scale tidal farm off the coast of Ireland.
Bord Gáis Energy will initially invest EUR1M in the marine turbine manufacturer, with a further EUR1M invested when certain milestones relating to the tidal farm development are achieved.
“We are delighted to have secured this investment from Bord Gáis Energy and to have established this exciting new joint venture focused on the development of Ireland’s first utility scale tidal farm,” said James Ives, chief executive at OpenHydro. “The additional funds will be used to support OpenHydro’s continued expansion in turbine production and deployment capability. We very much look forward to working with Bord Gáis Energy as a key partner in the development of our business and in delivering tidal energy to Irish homes.”
“This investment – and the formation of the joint venture to develop utility scale tidal generating capacity off the coast of Ireland – will support our ambition to achieve early mover advantage in tidal energy development in this country,” added John Mullins, chief executive officer at Bord Gáis. “We are delighted at the opportunity to work with OpenHydro, which is an industry leader in this technology, and to be at the fore front of the development of marine renewables.”
OpenHydro has now raised EUR15.4M over the past twelve months from existing shareholders and new investors. The company has a project portfolio spanning the US, Canada, France, Scotland and the UK’s Channel Islands with utility partners including edf, Nova Scotia Power and SSE Renewables. Last year, OpenHydro, in conjunction with SSE Renewables, was awarded licence rights by The Crown Estate in the UK to develop a major 200MW tidal farm in the Pentland Firth, off the northern coast of Scotland.