Tocardo, Mosscliff Form Tidal-Power Development Venture

(Bloomberg) — Tocardo International BV, a Dutch maker of
river turbines, and Mosscliff Environmental Ltd. joined forces
to form a new tidal-power company.

MT Tidal Ltd. will pool Mosscliff’s experience in
identifying sites and installing clean-energy projects with
Tocardo’s expertise in manufacturing and developing hydropower
systems. The venture has already secured $200 million from
private and institutional investors in the U.S., Paul Morris,
chief executive officer of MT Tidal, said Thursday by e-mail. He
declined to identify the investors.

“Tocardo is the only company manufacturing mass-produced
tidal turbines and selling them around the world,” Morris said.
That experience, Suffolk-based Mosscliff’s record in project
development and engineering as well as the backing “makes me
confident we have a unique and compelling offer.”

Tocardo’s tidal turbines installed in rivers and the sea
are smaller than some competing technologies, helping lower
costs. Its machines include a 125-kilowatt system that costs
198,000 pounds ($308,000) and a 225-kilowatt device. An 800-kilowatt unit will enter production later this year and a 2-megawatt device in 2017.

MT Tidal will be 80 percent focused on the U.K., Ireland
and France, where five projects are under study, Morris said.
It’s also looking at four possible developments in the U.S. and
Asia, he said.

The company is aiming to exploit a growing market for clean
electricity as countries strive to curb greenhouse-gas
emissions, boost energy security and meet renewable-energy
targets. Governments are pledging emissions cuts to the United
Nations ahead of December climate talks in Paris as part of a
first deal to fight global warming that binds all nations.

To contact the reporter on this story:
Louise Downing in London at
ldowning4@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Randall Hackley, Nicholas Larkin

About BloombergNEF

BloombergNEF (BNEF), Bloomberg’s primary research service, covers clean energy, advanced transport, digital industry, innovative materials and commodities. We help corporate strategy, finance and policy professionals navigate change and generate opportunities.

Available online, on mobile and on the Terminal, BNEF is powered by Bloomberg’s global network of 19,000 employees in 176 locations, reporting 5,000 news stories a day.
 
Sign up for our free weekly newsletter →

Want to learn how we help our clients put it all together? Contact us