Bord Gáis to invest €2m in tidal energy farm project

BORD Gáis Energy (BGE) is to invest up to €2 million in the Irish tidal renewable energy company, OpenHydro, to develop a largescale tidal farm off the coast.

BGE has invested €1m in the group to be followed later by a further capital injection of €1m, provided certain technical targets are achieved by the group in the meantime.

OpenHydro is involved in the design and manufacture of marine turbines for generating renewable energy from tidal streams.

To-date the company has raised €15.4m over the past 12 months from existing shareholders and new investors to support ongoing development in this field.

James Ives, chief executive, OpenHydro said the funds will be used to support OpenHydro’s continued expansion in turbine production and deployment capability.

“We very much look forward to working with Bord Gáis Energy as a key partner in the development of our business and in delivering tidal energy to Irish homes,” said Ives.

BGE’s chief executive John Mullins, said the investment, together with the joint venture, will support their ambition to achieve early mover advantage in tidal energy development in this country. “We are delighted at the opportunity to work with OpenHydro, which is an industry leader in this technology, and to be at the forefront of the development of marine renewables,” he added.

The company currently employs over 50 people and has a project portfolio spanning the USA, Canada, France, Scotland and the Channel Islands with utility partners including EDF, Nova Scotia Power and SSE Renewables.

Last night a spokesman for Hydro said Bord Gáis has taken a direct minority stake in OpenHydro of less than 5% and will contribute the additional funding of €1m to aid further technical research by the group.

The 50/50 joint venture will proceed in tandem with the direct investment in OpenHydro, the spokesman said.

Bord Gáis has operated as a gas supply company for over 30 years, providing services to 600,000 customers located in the cities and towns across Ireland.

Today it provides gas, electricity, dual-fuel gas/electricity and home energy services to over one million customers on the island of Ireland.