Tocardo International B.V, producer of tidal and free-flow water turbines, has reached an agreement with Mosscliff Environmental to create a new company in the renewable energy market – MT Tidal Ltd.
MT Tidal involves the merger of Tocardo International’s UK business, Tocardo Tidal Energy Ltd, with elements of Mosscliff Environmental Ltd.
MT Tidal will be jointly owned by Mosscliff Environmental Ltd and Tocardo International B.V – both of which will continue to trade separately. The new company will be based in the UK, but will compete on the international market. It will be led by CEO Paul Morris – who formerly headed Tocardo Tidal Energy Ltd in the UK – with Jon Bell from Mosscliff Environmental taking the role of Project Director.
“This merger makes great sense for all parties,” says MT Tidal CEO Paul Morris. “It allows Tocardo to extend further into project development and gives us the skill sets that we need, and expands Mosscliff Environmental’s offering into tidal energy. Tocardo is the only company manufacturing mass-produced tidal turbines and selling them around the world and is experienced of completing multiple projects on the international market. That proven experience, Mosscliff’s track record in project development, raising funding and engineering – as well as our level of backing – makes me confident that we have a unique and compelling offer with MT Tidal.”
“Mosscliff has an excellent reputation as one of the most ethical and community-focused players in the UK renewable market. They have a strong record in community fund-raising, including crowd-funding, which will be an additional advantage of this merger,” adds Morris.
David Wylie, MD of Mosscliff Environmental, says that the merger is a logical progression for his business and is happening at just the right time for the industry.
Morris says the formation of MT Tidal coincides with new opportunities for small to medium-sized tidal energy projects in the UK and Europe. “Access to sites and the ability to move faster with development is improving. The UK has some of the best tidal energy resources in the world and we are well-placed to tap into this market – as well as many more overseas – with the launch of MT Tidal.”