Tocardo Aquires IHC Tidal Energy

The Take-Over Will Accelerate the Expansion of Tocardo's Dutch and International Tidal Energy Business

Tocardo Tidal Turbines, producer of tidal and free-flow water turbines, has acquired IHC Tidal Energy, the tidal energy division of Dutch maritime company Royal IHC. The take-over will accelerate the expansion of Tocardo's Dutch and international tidal energy business. Financial details of the transaction were not disclosed.

"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. Specifically, the acquisition allows Tocardo to offer clients both vertical-ax turbine and horizontal-ax turbine technologies.1This gives Tocardo'sclients the ability to fully exploit the energy potential of fast-flowing sea currents, Breugel added.

For IHC Tidal Energy, the purchase means the company can now focus on its core activities.2As Bram Roelse, CEO of Royal IHC, explains: "IHC Tidal Energy is a stable and healthy company, but its activities no longer fully fit Royal IHC's strategy."

Tocardo's purchase of IHC Tidal Energy follows on the heels of thesigning of a memorandum of understanding for the delivery of tidal turbines with a total capacity of 28MW to South Korean energy company Ekornergy. Tocardo alsomade headlines earlier this monthwhen it was appointed by the Isle of Man Government as one of its two preferred partners to supply tidal turbines for a major new renewable energy initiative.

Source: RenewableEnergyFocus

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Taxonomy

• Business Expansion
• Tidal Energy
• Turbine