Guernsey Electricity sells shares in Marine Current Turbines to Siemens

February 22nd, 2012 by Guernsey Electricity Ltd.

Guernsey Electricity (GEL) has announced that it has sold its minority share in Marine Current Turbines (MCT), developers of the SeaGen tidal turbine, to Siemens.

The technology company has been steadily increasing its stake in the business.

Managing director of Guernsey Electricity Alan Bates said “we have agreed to sell on our shares in MCT to Siemens. We feel that this is the best course of action for us at this point as their stake was approaching a level at which a compulsory order would be a potential outcome. They are obviously very keen to further their investment in the company, and it is not in our best interests to compete with a multinational technology company.

“This project has given us invaluable access to research and development into tidal turbines.

The SeaGen unit is currently the only commercially operating tidal turbine in the UK and Siemens’ on going interest in the company demonstrates its status as the technological leader in this area.

“We remain convinced that tidal technology is a viable prospect in Bailiwick waters and the experience we have gained working with MCT means we are now in a much better position to develop this option in the best way for the island,” said Mr Bates.

Despite selling its formal stake in the company Guernsey Electricity will continue to monitor tidal technology and its viability in local waters.

 

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