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Siemens Exits Tidal Power Industry Blaming Slow Development

Siemens AG has decided to sell its tidal power business, Marine Current Turbines Ltd., marking another blow for the struggling ocean-energy industry.

Siemens is looking to exit marine energy, saying the development of the market and the supply chain has taken longer to grow than it expected. The divestment will likely take “several months” to complete and affect 45 employees, it said in an e-mailed statement today.