Netherlands-based Tocardo Tidal Turbines, which produces tidal and free-flow water turbines, has reached an agreement to acquire a patented subsea tidal turbine technology.
Tocardo acquired Swanturbines Intellectual Property, including its intellectual property, patents and technology as well as the trade name of Swanturbines. Financial details of the transaction were not disclosed.
Swanturbines generate electricity from ocean currents by way of a proprietary method of mounting the turbines to a support structure. Tocardo has closed deals to sell its technology in Nepal and to install tidal turbines in the UK, Canada and South Korea with a total capacity of over 50 megawatts. It was recently appointed as one of two preferred partners to supply tidal turbines for a major new renewable energy initiative near the Isle of Man.