QED Naval and HydroWing JV Acquire Tocardo

QED Naval and HydroWing have formed new collaborative European joint venture and with it acquired Holland’s tidal turbines business, Tocardo.

This tri-partite, collaborative partnership brings together decades of multi-sector expertise as well as a blend of well tested, complementary products.

Tocardo’s technology development started in 1999 in cooperation with the Energy Research Foundation ECN and various Dutch engineering companies. Tocardo has 9 turbines in continual operation and has 21 patents in place.

The company will now also be investing in additional turbine development. This will be done in partnership with QED Naval and HydroWing (formerly Inyanga-Tech), who bring a combined 50 years of marine design, development and operations experience, along with their experience in foundation systems, LCOE and yield improvements.

The companies have already been working in partnership on tidal projects in Europe and will be expanding on this as they further develop their complimentary technologies.

Richard Parkinson, CEO of HydroWing said: “This bigger, long term, end to end vision is quite unique in that it brings an unrivaled pool of expertise and collaboration across European tidal energy. The new joint venture is committed to expand and will be introducing their combined technologies in new projects starting in 2020.”

Andries Van Unen, CEO of Tocardo said: “We didn’t get to this point alone. In joining all these forces together there has been some great vision, hard work and expertise. We are very grateful to all parties who have helped get this partnership over the line: namely investors, existing customers, the hard-working staff and project team. We are now in the fortunate position to have a geographically greater market presence and team with some of the most talented experts in the industry behind us which can build on the technologies and results achieved over the years. We really can’t wait to show you some of the exciting projects and innovations we are working on.”

Jeremy Smith, CEO of QED Naval, added: “All three companies are very excited to announce this exciting recipe and European partnership which will takes the key ingredients of tidal technologies developed over the last 12 years, great turbines and foundation systems, spiced up with some of the industries great minds to deliver great value reliable tidal solutions.”