Tidal power firm Atlantis has bought Bristol-based equipment company Marine Current Turbines (MCT).
Under the terms of the deal MCT’s current parent firm Siemens will receive 9.99% of Atlantis’ shares.
Atlantis will take on a portfolio of six schemes, along with potential development capacity of 200MW.
Atlantis chief executive Tim Cornelius said: “Marine Current Turbines has developed a world leading tidal turbine; a world class engineering team; unrivalled expertise in long-term turbine operations and testing through its SeaGen installation at Strangford Lough; and an impressive portfolio of projects under development across the UK.”
He added: “We welcome Siemens as an Atlantis shareholder. This deal sees two industry leaders, MCT and Atlantis, combining to underpin the UK’s position as one of Europe’s tidal power leaders.”
Atlantis is behind the huge MeyGen tidal project in Scotland (pictured), which is expected to be completed next year.