Siemens’ MCT Cashes in £1 Million

Marine Current Turbines (MCT) hosted a visit by Edward Davey, UK Secretary of State for Energy and Climate Change to celebrate its success in receiving funding from the Regional Growth Fund (RGF) for research and development into innovative tidal technology.

Mr Davey was in Bristol to announce the next round of RGF funding, which will provide a £18 million boost to seven South West based businesses. This is part of a £300 million package of funding for UK businesses in Round 5 of the Government’s Regional Growth Fund (RGF).

The £1 million grant to MCT, awarded as part of the previous Round 4 funding from the Department of Business, Innovation and Skills is for the development of tidal turbine technology through research and development activity into blades, and to establish a tidal turbine blade manufacturing facility creating 49 new jobs.

Commenting on the RGF award Edward Davey said:

“The Government has been striving to rebalance the economy away from London and away from the financial sector. Here in the South West the impact the Regional Growth Fund is having is clear to see.

MCT based here in Bristol builds tidal turbines, and is part of the UK’s world leading marine energy industry. Wave and tidal power play an important part in our low carbon energy mix and MCT is a great example of how RGF is helping projects that will create green jobs and growth in the region.”

Sven Stoye, chief executive officer of Marine Current Turbines said:

“We are delighted to receive this funding from the RGF which will contribute towards development of our next generation tidal technology. The UK is a key market for Siemens in further developing this pioneering technology. Marine Current Turbines was the first mover in tidal technology in the UK and this support will help us to move to the next level of development. Tidal technology represents a great opportunity for the UK to lead and has the potential to create new jobs and skills in this innovative renewables technology.”

Press Release, April 10, 2014; Image: siemens