Voith Hydro, a group division of Voith, and RWE Innogy have formed Voith Hydro Ocean Current Technologies. With the new company, both partners intend to accelerate the development, manufacture and marketing of ocean current technologies.
Within the framework of its venture capital activities, RWE Innogy will make a significant capital investment and hold 20% in the new company. Voith Hydro, which has been active in the R&D of emission-free power generation from oceans, will be the majority shareholder with 80%.
The total investment guaranteed by both partners over the next few years equals over E30m. The establishment of the joint venture is subject to the approval of the relevant anti-trust authorities.
Hubert Lienhard, CEO of Voith, said: We are absolutely convinced: ocean current power stations and hence renewable energy from the seas will be an important building block within the energy mix of the future. The co-operation of two partners of such a high caliber is a milestone in the development and the marketing of this young technology.
Fritz Vahrenholt, chairman of RWE Innogy, said: This form of renewable power generation has a significant advantage: ocean currents flow continuously and can therefore be predicted with maximum accuracy. As a result, the volume of electricity fed into the grid can be forecast much more precisely than that of any other renewable energy carrier. It is therefore imperative that its potential is tapped. With Voith Hydro’s experience in this field, we now have a very strong team going forward.”
