Bpifrance, the public investment bank of France, and naval defence company DCNS have joined forces to establish marine renewable energy company DCNS Energies with €100m ($107m) in capital.
The funding round was also supported by Technip Group, an engineering firm focused on the energy sector, and BNP Paribas Développement, an investment subsidiary of financial services firm BNP Paribas.
DCNS Energies will be responsible for industrial and commercial development of three marine renewable energy technologies: tidal turbine power, ocean thermal energy conversion and offshore wind energy generated by semi-submersible floats.
The company will provide turnkey construction services for marine renewable energy plants, in France and internationally. Technip will offer engineering and complex project management expertise to the company.
DCNS Energies will be majority-owned by DCNS, which is licensing the underlying intellectual property to its new subsidiary, while Bpifrance’s Société de Projets Industriels fund will hold a 36% stake.
Thierry Kalanquin, chief executive of DCNS Energies, said: “We have serious assets with which to succeed on this market: renowned experts, advanced technology, turnkey offers covering the lifetime of projects, and an expanding portfolio of sites.
“The creation of DCNS Energies is a boost for the entire industrial sector that will follow this development.”
– The original version of this article appeared on our sister site, Global Government Venturing. Photo courtesy of DCNS Group.