Siemens has bought UK-based tidal energy company Marine Current Turbines, in which it owned a 45% stake, for an undisclosed sum.
Ted Scheidegger, CEO of the Solar & Hydro Division of Siemens Energy, said: "The acquisition of Marine Current Turbines is an important step forward for the Solar & Hydro Division. We will continue to drive the commercialization of this promising technology which harvest energy from highly predictable tidal streams. Our target is to secure a leading position in this future business."
In November Siemens increased its stake in the company to 45%.
Siemens invested in the company in 2010 alongside UK non-governmental organisation Carbon Trust, High Tide and other private investors.
Marine Current Turbines is pleased to announce that global engineering firm, Siemens, has invested in the firm alongside the Carbon Trust, High Tide and other private investors, which meant the company raised £8.5m in a two month period.
This followed a round led by the Carbon Trust in 2009, also backed by Bank Invest and EDF Energy.