Tocardo’s UK business, Tocardo Tidal Energy, will be merged with elements of Mosscliff to form MT Tidal.
Mosscliff and Tocardo will jointly own the new company, which will be based in the UK and will compete for projects in the international market.
MT Tidal, which has already raised $200m from private and institutional investors, will be led by CEO Paul Morris, who formerly headed Tocardo Tidal Energy in the UK. Mosscliff’s Jon Bell will be project director.
Morris 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.
"Access to sites and the ability to move faster with development is improving. The UK has some of the best tidal energy resources in the world and we are well-placed to tap into this market – as well as many more overseas – with the launch of MT Tidal."
Mosscliff Environmental supplies and installs renewable energy systems such as wind turbines, solar photovoltaic, biomass boilers, marine turbines and anaerobic digestion.
Tocardo International provides turbines to generate energy from oceans and rivers.
Image: Tocardo and Mosscliff will form MT Tidal, which will be based in the UK. Photo: courtesy of MOSSCLIFF ENVIRONMENTAL LIMITED.
