Irish tidal renewable energy company sells 8% stake for €14m

Naval defence technology company DCNS has bought an 8% stake in Irish tidal renewable energy company OpenHydro for €14m.

OpenHydro designs and manufactures marine turbines to generate renewable energy from tidal streams.

The companies have worked together on a number of initiatives in the last year. DCNS provided support to OpenHydro on a project for Électricité de France to supply and install four large turbines off the Côtes d’Armor coast in Brittany to create the world’s first grid-connected tidal farm.