Tocardo Tidal Turbines has agreed to acquire Royal IHC’s tidal division. The acquisition will help Tocardo expand its international and Dutch activities.
“The acquisition of IHC Tidal Energy is a meaningful expansion of our product offering and will enhance our capacity to acquire and implement tidal energy projects across the globe,” says Hans van Breugel , CEO of Tocardo.
IHC Tidal Energy, officially established in 2012 and based in Alblasserdam, has developed a tidal turbine with a vertical axis, which is close to the stage of commercial application.
Tocardo, with an aim to become a leader in the tidal energy market, builds tidal turbines with a horizontal axis which are delivered to tidal projects on a commercial basis.
In some offshore locations, vertical-axis turbines suit better than turbines with a horizontal axis. By offering both options, Tocardo can exploit the energy potential of the sea even better.
Bram Roelse , CEO of Royal IHC: “ With this transaction we enhance our focus on our core activities. IHC Tidal Energy is a stable and healthy company, but its activities no longer fully fit Royal IHC’s strategy.”
Financial details of the transaction were not disclosed.
Adapted from Press Release
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