Tocardo, a Dutch tidal energy developer, has joined forces with UK-based Mosscliff Environmental to create a new tidal energy company MT Tidal.
The new company will be based in UK and led by CEO Paul Morris, who formerly headed Tocardo Tidal Energy Ltd in the UK, with Jon Bell from Mosscliff Environmental taking the role of Project Director, Tocardo’s press release reads.
Starting with six employees, MT Tidal has already raised $200 million from private and institutional investors, according to Tocardo.
The newly formed venture will combine Tocardo’s tidal turbines manufacturing expertise with Mosscliff’s experience in project’s site identification and installation.
Paul Morris , CEO of MT Tidal, said: “This merger makes great sense for all parties. It allows Tocardo to extend further into project development and gives us the skill sets that we need, and expands Mosscliff Environmental’s offering into tidal energy.
“Tocardo is the only company manufacturing mass-produced tidal turbines and selling them around the world and is experienced of completing multiple projects on the international market. That proven experience, Mosscliff’s track record in project development, raising funding and engineering – as well as our level of backing – makes me confident that we have a unique and compelling offer with MT Tidal.”
David Wylie, Managing Director of Mosscliff Environmental, added that the merger is a logical progression for his business and is happening at just the right time for the industry.
MT Tidal will mainly focus on UK, Irish and French markets, where five projects are currently being planned, the company’s CEO, Paul Morris, told Bloomberg .
Earlier this year, Tocardo installed an array of three T1 100 kW tidal turbines at Afsluitdijk, Den Oever, and announced plans for another 1.2 MW tidal project in western Netherlands.
Mosscliff Environmental is involved in supply and installation of renewable energy systems across UK.
Image: Tocardo