Innogy Venture Capital, a fund management company co-sponsored by Germany-based energy company RWE Innogy, announced in November 2013 that it had sold its 20% stake in tidal energy turbine manufacturer Voith Hydro Ocean Current Technologies to the majority shareholder Voith Hydro, a subsidiary of family-owned industrial and energy conglomerate Voith. The transaction is based on a “medium two-digit million Euro valuation” for the portfolio company, and the 20% stake had been held by Innogy Renewables Technology Fund I (IRTF I) since 2009.
Crispin Leick, managing director of Innogy Venture Capital, said: “The Voith turbine technology with its concept based on robustness and longevity is optimally positioned for the future market of ocean current turbines.”
Innogy Venture Capital explained in a statement: “The goal of this investment has been to accelerate the development, manufacturing and marketing of Voith’s ocean current technology. Against this background, the sale of the participation is carried out at a time when the development of the Voith turbine technology has successfully reached key milestones and the market for ocean current turbines has entered the next phase. Additionally, the competitive environment has become more professional with the entry of companies like Alstom, ABB and DCNS.”