Fresh investment keeps Tocardo above water

Dutch tidal energy developer Tocardo has secured investment from a fund owned by Noord-Holland province after the company filed for bankruptcy last month.

The funding rescue package for the company was provided by the Participatiefonds Duurzame Economie Noord-Holland (PDENH) – a fund which invests in sustainable companies on behalf of the province of Noord-Holland, and a number of private investors, Tocardo informed.

The company filed for bankruptcy in January 2018, and received an approval from Dutch authorities for the ‘automatic stay’ – a legal provision that enables the debtor to temporarily prevent creditors from collecting amounts owed.

The move followed the failure to reach an agreement with Tribute Resources, a Canadian energy company, which was supposed to become a full owner of Tocardo in a share swap deal.

Bart Blokhuis, Director of the PDENH, said: “With our investment, we enable Tocardo to seize the opportunity to make tidal energy available to the world from the Netherlands.”

Hans van Breugel, CEO of Tocardo, added: “With the support of our province and a group of private investors, this innovation will be retained for the Dutch economy. The Netherlands is a fantastic innovation country and tidal energy certainly belongs to that.”

Share this article

Follow Marine Energy

Events>

<< Feb 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 1 2 3

Seawork International 2019

Seawork International is the largest and fastest growing international commercial marine and workboat exhibition and conference…

read more >

Offshore Survey 2019

The conference offers a golden opportunity to share cutting edge information and the committee welcomes…

read more >

ASEAN SUSTAINABLE ENERGY WEEK

ASEAN Sustainable Energy Week 2019 will feature the very latest innovative energy sources along with…

read more >

3rd World Congress on Wind & Renewable Energy

Conference Series warmly invites all the participants from all over the world to attend…

read more >