Tocardo Buys Swanturbines Technology
- Business & Finance
Tocardo Tidal Turbines, producer of tidal and free-flow water turbines, has reached agreement for the acquisition of Swanturbines Intellectual Property, including the patented subsea tidal turbine technology and deployment methods.
The transaction includes intellectual property, patents and technology as well as the trade name of Swanturbines, Tocardo informed.
“For a long time, Tocardo has been impressed by Swan’s technology, which is complementary to our own tested tidal energy technology. In particular, Swan’s installation technology is an important addition to our portfolio and offering to our clients,” says Hans van Breugel, CEO of Tocardo.
Swanturbines generate electricity from ocean currents by way of a proprietary method of mounting the turbines to a support structure.
James Orme, formerly CEO of Swanturbines Ltd adds: “We are happy that Tocardo see the value in this technology and wish them all the best for the future ”
Tocardo is one of the few companies in the world to be commercially manufacturing and marketing tidal turbines. The Netherlands-based company has closed deals to sell its technology in Nepal and to install tidal turbines in the UK, Canada and South Korea with a total capacity of over 50 MW. It was recently appointed as one of two preferred partners to supply tidal turbines for a major new renewable energy initiative near the Isle of Man.
Last week, Tocardo installed three of its T1 tidal turbines in the Dutch ‘Afsluitdijk’, a 32 km-long primary sea defence, with a capacity of more than 300 kW, producing electricity for about 100 households. Another Tocardo tidal turbine installed in the Afsluitdijk has already been producing electricity for more than six years.
The take-over of Swanturbines IP will accelerate the expansion of Tocardo’s Dutch and international tidal energy business.
Financial details of the transaction were not disclosed.