UK-based Mosscliff Environmental and Dutch tidal energy developer Tocardo have teamed up and raised US$200 million for their joint tidal venture, MT Tidal.
Tocardo announced that, with six employees, MT Tidal has already raised roughly US$200 million from private and institutional investors.
The joint venture will be headquartered in the UK and led by former Tocardo UK Tidal Energy Head, CEO Paul Morris. The role of Project Director will be taken by Jon Bell, of Mosscliff Environmental.
The UK, Ireland and France make up the primary target markets for MT Tidal, which currently has five projects planned in the region.
Paul Morris, CEO of MT Tidal, has stated:
"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 in completing multiple projects on the international market. That proven experience, Mosscliff's track record in project development, raising funds and engineering - as well as our level of backing - makes me confident that we have a unique and compelling offer with MT Tidal."
The venture will combine Mosscliff's experience in project site identification and installation with Tocardo's turbine manufacturing expertise.
Tocardo has recently announced plans to develop a 1.2 MW tidal project in the western part of the Netherlands, following the installation of an array of three T1 100 kW tidal turbines at Afsluitdijk, Den Oever, earlier this year.