France-based naval submarine and nuclear technology group DCNS has invested €14m ($19m) for 8% of Ireland-based tidal energy developer Openhydro. During the past year the two companies worked together to install four turbines off the French coast and create the world’s first grid-connected tidal farm for local utility Électricité de France (EDF). Frédéric Le Lidec, director of DCNS’ Marine Renewable Energy Incubator, said: "DCNS will support OpenHydro to promote and construct tidal turbine farms by making available technical and industrial resources. Marine renewable energy is an integral part of the Group’s strategy and offers significant opportunities for long-term growth." DCNS is the second new investor in Openhydro in the past month. Ireland’s state-owned Bord Gáis Energy utility agreed to invest €2m and develop a tidal farm off the west coast of the island. Its other utility partners include Nova Scotia Power and SSE Renewables, which has agreed to develop a 200MW tidal farm off the northern coast of Scotland. At the end of 2008, OpenHydro bought a fifth of Alderney Renewable Energy in order to have its turbines as the preferred supplier for the company. Openhydro has raised nearly €30m over the past year, including the latest rounds, including from diversified investment group One51. Emera, a Canadian energy and services group that owns Nova Scotia Power, acquired 7% in OpenHydro in February 2008 and raised €40m in October 2007 and €10m in 2005.

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