Tocardo Tidal Turbines has announced it has acquired IHC Tidal Energy, the tidal energy division of Dutch maritime company Royal IHC.
The take-over is expected to accelerate the expansion of Tocardo’s Dutch and international tidal energy business. IHC Tidal Energy has developed a tidal turbine with a vertical ax, which after several test trials is nearing readiness for the commercial market. For several years Tocardo has been manufacturing tidal turbines with a horizontal ax. In some off shore locations, vertical-ax turbine technology provides better results than horizontal-ax turbine technology. By offering both options, Tocardo hopes to enhance its clients’ capability to fully exploit the energy potential of fast-flowing sea currents.
"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," said Hans van Breugel, CEO of Tocardo.
"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," added Bram Roelse, CEO of Royal IHC.
Financial details of the transaction were not disclosed.
