Tocardo International, a Netherlands-based producer of tidal and free-flow water turbines, has raised an undisclosed amount from local energy group Repsol through its corporate venturing unit.
Repsol New Energy Ventures said it had struck a strategic investment in Tocardo to provide a platform for both companies to develop offshore tidal energy.
As well as being an oil and gas major, Repsol has up to 1200MW of offshore wind concessions in the UK and is a partner in WindPlus/Principle Power floating offshore wind foundation.
Huisman, an offshore engineering firm, made a similar strategic investment in Tocardo last year as part of a plan for all three firms to deliver turnkey tidal energy projects.
Hans van Breugel, chief executive of Tocardo said: “Having recently reached the full commercialization of the building and marketing of our smaller turbine, this partnership will help us to scale up our business and gain advantage in this fast-moving sector.”
Íñigo Palacio Prada, energy ventures manager at Repsol, added: “The Repsol’s New Energy business unit was specifically created to identify opportunities, promote projects and develop initiatives in renewable and bioenergy.”
Icon Corporate Finance advised Tocardo.