Ireland: DCNS Takes Control of OpenHydro

DCNS is now the majority shareholder in the Irish start-up OpenHydro, specialised in marine turbines, with a 59.7% holding. Thus DCNS confirms its ambition in the field of renewable marine energy.

DCNS expansion in the field of marine turbine energy is part of the group’s growth strategy. With OpenHydro, DCNS hopes to achieve a turnover of 1 billion euros in this sector by 2025.

OpenHydro is a commercial and technological leader in the field of marine turbines and enjoys a high growth potential. The start-up has developed an innovative marine turbine making it possible to generate electricity at a competitive price. It has also formed alliances with the major energy players in several regions where the first marine turbine farms to come into operation will be located, such as France, Scotland, Northern Ireland, Alderney (Channel Islands), Canada and the United States.

By increasing its share of OpenHydro’s capital, DCNS is now moving on from a development phase to an industrial phase in its renewable marine energy activities. A major challenge to be addressed initially will be the industrialisation of the innovative solution designed by OpenHydro. With this in mind, a Marine Renewable Energy Business Unit has been set up in order to group together the OpenHydro activity and DCNS’s own marine energy activities currently undergoing development (floating wind turbines, ocean thermal energy, wave energy).

To meet the challenges raised by these developments, Thierry Kalanquin, while remaining head of the DCNS’s Services Division, will take on the leadership of the Marine Renewable Energy Business Unit. He will be assisted in this task by Frédéric Le Lidec. Thierry Kalanquin also takes over the chairmanship of OpenHydro, thus replacing Brendan Gilmore who had been the OpenHydro Chairman since the company was founded in 2004. As for James Ives, he has been confirmed as OpenHydro’s Chief Executive Officer.

Thierry Kalanquin stated:

“I would like to thank Brendan Gilmore for his precious contribution to the growth of OpenHydro and look forward to working with Frédéric Le Lidec, James Ives and our marine renewable energy teams to bring into play our technological, industrial and commercial assets in this sector.”

The acquisition and the purchasing of OpenHydro shares by DCNS bring to an end the start-up’s increase in capital.

[mappress]

Press release, March 15, 2013; Image: openhydro