Tocardo International B.V, producer of tidal and free-flow water turbines, has reached an agreement with Mosscliff Environmental to create a new company in the renewable energy market – MT Tidal Ltd.
MT Tidal involves the merger of Tocardo International’s UK business, Tocardo Tidal Energy Ltd, with elements of Mosscliff Environmental Ltd.
MT Tidal will be jointly owned by Mosscliff Environmental Ltd and Tocardo International B.V – both of which will continue to trade separately. The new company will be based in the UK, but will compete on the international market. It will be led by CEO Paul Morris – who formerly headed Tocardo Tidal Energy Ltd in the UK – with Jon Bell from Mosscliff Environmental taking the role of Project Director. Starting with six employees, MT Tidal has already attracted significant backing – with $200 million raised from private and institutional investors.
MT Tidal CEO, Paul Morris , said: “[The merger] allows Tocardo to extend further into project development and gives us the skill sets that we need, and expands Mosscliff Environmental’s offering into tidal energy.”
He added the formation of MT Tidal coincides with new opportunities for small to medium-sized tidal energy projects in the UK and Europe. “Access to sites and the ability to move faster with development is improving. The UK has some of the best tidal energy resources in the world and we are well-placed to tap into this market – as well as many more overseas – with the launch of MT Tidal.”