Two German energy companies Voith Hydro and RWE Innogy have agreed upon setting up a joint venture to accelerate the development, manufacture and marketing of ocean current technologies.
In the JV, Voith Hydro Ocean Current Technologies, total investment guaranteed by both partners over the next few years equals more than US$38.3 million.
Voith Hydro, which has been working on ocean currents technologies since 2005, will be the majority shareholder with 80 percent. RWE Innogy will make a “significant” capital investment and hold a 20 percent stake in the new company, which is subject to approval from the relevant competition trusts.
On the initiative, Dr. Hubert Lienhard, CEO, Voith AG said ocean current power stations “will be an important building block within the energy mix of the future”.
Dr. Fritz Vahrenholt, Chairman of the Board of RWE Innogy said ocean currents flow continuously and can therefore be predicted with maximum accuracy.
“As a result, the volume of electricity fed into the grid can be forecast much more precisely than that of any other renewable energy carrier. It is therefore imperative that its potential is tapped,” said Dr. Vahrenholt.
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