Siemens acquires a majority stake in tidal-power company

Siemens has acquired the majority stake in Marine Current Turbines, a Bristol-based company that develops and builds tidal-power systems.

According to Siemens, Marine Current Turbines has become a technology leader in tidal-power systems.

In November 2011, Siemens increased its stake in the company to 45 per cent.

Siemens is planning to complete the acquisition of Marine Current Turbines in the coming few weeks.

Financial details of the deal have not been disclosed.