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DCNS Invests in OpenHydro to Explore Tidal Renewable Energy Market

DCNS, a naval defense company engaged in marine renewable energy, and OpenHydro an Irish company engaged in tidal renewable energy development have entered in to an accord to utilize their own marine energy potentials in tapping the tidal energy market.

Under the contracted accord, DCNS has invested around €14 million to acquire 8% shares in OpenHydro. The investment accord is to be ratified by the government of France and the share holders of OpenHydro.

Earlier in last year, the two firms have created a formidable working rapport between themselves to assist each other in the projects. Accordingly, DCNS is currently offering its assistance to OpenHydro in fulfilling its delivery commitment for Électricité de France (EDF). The project will require OpenHydro to provide and erect four numbers of large-sized tidal turbines away from Paimpol-Bréhat (Côtes d’Armor) coast to construct the first of its kind grid-linked tidal farm in the world. DCNS will provide technical as well as industrial resources required for the project.

DCNS has plans to enter and explore the whole gamut of marine renewable energy technology, which includes floating type of offshore wind farms and deployment of marine turbines to convert wave energy and ocean thermal energy conversion (OTEC) into power. The company has plans to enter into partnership with other companies to launch large-sized tidal power projects to generate power.

Source: http://en.dcnsgroup.com/

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