Business & Finance
Finland: Moventas to Rebrand Its Industrial Gear Business
Moventas is preparing to rebrand its industrial gear business, and to run the two core businesses more independently of each other than before, in order to better serve its customers in both segments. The company’s legal structure will remain as it is, but its operational structure will be developed
Scottish Government Funds Commercialisation of Pelamis Wave Energy Device
The Scottish Government has awarded a share of the Marine Renewables Commercialisation Fund (MRCF) to Pelamis Wave Power, to support the commercialisation of the Pelamis wave energy device and parallel site development activities. Richard Yemm, CEO of Pelamis Wave Power said: “Today’s announcement i
PNE Raises EUR 33.7 Million to Expand Its Offshore Wind Activities (Germany)
The wind farm project developer, PNE WIND AG, has successfully issued a second tranche of its 8.0% corporate bond issue 2013/2018 to top-up its corporate bond within the scope of a private placement. Bonds with a total nominal value amounting to approx. EUR 33.7 million were subscribed by institutio
The Netherlands: ING Turns to Renewables
ING Commercial Banking (ING CB) is shifting its European focus from financing natural gas plants to financing renewable energy projects, reports Business Recorder. The main reason for this shift to offshore and onshore wind and solar power is the increased development of renewable energy projects in
Siemens to Establish New Wind Base in Livingston, Scotland
Siemens will establish its new projects and construction base in Livingston, and the company is now recruiting to fill 30 working positions at the new base, Herald Scotland informs. The expansion of Siemens’ operations in Scotland will support a 100 more jobs elsewhere, most of them in Scotland and
Aquamarine, Pelamis to Share Slice of GBP 13 Million Scottish Support Programme
Speaking on the consent given the first tidal energy project in the Pentland Firth, the Energy Minister Fergus Ewing announced that leading Scottish wave developers Aquamarine Power Limited and Pelamis Wave Power are to share a slice of a £13 million wave first array support programme – part of the
Germany: Windreich’s Subsidiary WKU also Declares Insolvency
Due to the ongoing insolvency proceedings, Windreich GmbH announced yesterday that its wholly-owned subsidiary, Windkraft Union GmbH, Wolfschlugen (WKU), had filed for insolvency at the local court in Esslingen. This step was necessary because WKU has obligations toward Windreich GmbH, which current
Denmark: Energinet.dk Seeks Subsea Cabling Services
Energinet.dk is calling for expression of interest for the supply and installation of the Kriegers Flak subsea cabling. Suppliers of electrical substations, especially direct current systems, and high voltage cables have long delivery times. That is why Energinet.dk is out early to ensure deliveries
USA: OPT Announces Q1 Results
Ocean Power Technologies, Inc. (OPT) today announced financial results for its Fiscal 2014 first quarter ended July 31, 2013. Highlights The Company’s net loss for first quarter of Fiscal 2014 declined to $3.8 million from $4.4 million in the first quarter of Fiscal 2013. OPT also recently announced
PM’s Comments on Energy Park Plans Welcomed
Able UK has today warmly welcomed Prime Minister David Cameron’s description of its plans for a multi-million Marine Energy Port on the South Bank of the Humber as a ‘very important investment’ and his promise to look at the issue of finalising a decision on the development. Mr Cameron was respondin
Able UK’s Marine Energy Park Important Investment, Says David Cameron
During Prime Minister’s Questions on Wednesday, Martin urged David Cameron to intervene in the Able Marine Energy Park application to ensure its early determination. The exchange is below: Martin Vickers (Cleethorpes, Conservative): “My right hon. Friend and the Government have been working hard to
U.S. Navy Invests USD 30 Million in Hawaiian Renewables
As the Department of the Navy (DoN) continues to emphasize the need for energy security, the Office of Naval Research (ONR) has announced it will increase its support for Energy Excelerator, a Hawaii-based program that funds development of new and innovative energy ideas. The program, part of ONR’s
UK: Moventas Acquires David Brown’s Wind Business, Strengthens Its Wind Footprint
Moventas Group has acquired Moventas’ sister company David Brown’s wind gearbox business and established a UK-based company that significantly strengthens Moventas’ wind gear manufacturing and service footprint. The new company continues Samsung Heavy Industries’ on-going, next generation 7 MW offsh
Frost & Sullivan: OWFs Growth Will Help Compensate Falling Demand for Marine Gensets
With most of Europe’s shipbuilding activity migrating to the Asian countries of South Korea, China and Japan, the traditional demand for marine generator sets has dipped. This shift, coupled with the Euro zone recession and financing difficulties, has further deepened the slump in demand for new ves