RWE Innogy will make a “significant capital investment” and hold 20% in the new company. Voith Hydro will be the majority shareholder with 80%. The total investment guaranteed by both partners over the next few years equals over €30 million.

 

"We are absolutely convinced: ocean current power stations and hence renewable energy from the seas, will be an important building block within the energy mix of the future. The cooperation of two partners of such a high calibre is a milestone in the development and the marketing of this young technology,” says Dr Hubert Lienhard, CEO of Voith AG.

 

Voith Hydro has been working on ocean currents technologies since 2005 and has one technological solution already available. It is said to have a robust design without gearbox and rotor blade adjustment. It uses no oils and is suitable for full underwater installation.

 

By the end of 2009, the first 110 kW prototype will be deployed and tested off the South Korean coast. This initial test plant will form part of a planned power station project that - in the medium term - will generate electricity from ocean currents to produce” several hundred megawatts.” Further test plants in Europe will follow.

 

The establishment of the joint venture is subject to the approval of the relevant anti-trust authorities.