DCNS currently holds an 11% stake in OpenHydro and plans to acquire shares of existing shareholders to increase its holding to 59.7%.
DCNS chairman and CEO Patrick Boissier remarked that the investment advances the company’s plans for growth in marine renewable energy in the coming decades.
"Taking control of a start-up in another country and in the energy sector demonstrates the magnitude of the transformation put into effect by our Group since the launch of our growth plan three years ago," Boissier said.
The acquisition is consistent with DCNS’ goal of doubling its annual sales from the tidal energy sector by 2025.
OpenHydro was founded in 2004 and is currently trialling turbines in various sites across Europe and North America.
OpenHydro CEO James Ives noted, "DCNS brings us deep knowledge of the marine environment, its industrial experience and the resources necessary for our development," Ives added.
The acquisition is consistent with DCNS’ goal of doubling its annual sales from the tidal energy sector by 2025.
