Marine Power May Suffer More Casualties After Siemens Tidal Sale
This article is for subscribers only.
The downfall of two leading marine-energy developers is damping hope that the emerging industry, which has already lost almost $1 billion, will ever get the technology to market.
Pelamis Wave Power Ltd., once a client of EON SE, Germany’s biggest utility, said last month it had run out of money. Days later Siemens AG announced it’s selling Marine Current Turbines Ltd. Their devices were considered the most advanced, with MCT’s operating at a small-scale plant since 2008.