Today, Tocardo International, the leading producer of tidal and free-flow water turbines, and Repsol, the international integrated energy company, announce a partnership between the two companies.
The Repsol New Energy Ventures and Tocardo partnership will provide a platform for both companies to develop offshore tidal energy, combining Tocardo’s knowledge of tidal and river free flow water turbines with Repsol’s access to energy markets around the world.
Tocardo can further accelerate the development of its off-shore engineering capabilities using Repsol’s knowledge of the energy industry and will be able to tap into many of the fledgling renewable energy markets that Repsol has identified.
Repsol is Spain’s largest industry conglomerate. It is currently one of the biggest oil and gas providers in the world. It has up to 1200MW of offshore wind concessions in the UK and is a partner in WindPlus/Principle Power floating offshore wind foundation.
Late last year, Tocardo also entered a partnership with international offshore engineering company Huisman Equipment. The combined Tocardo, Huisman and Repsol resources can deliver on turnkey tidal energy projects.
Commenting Hans van Breugel, CEO of Tocardo, said, “This is an important milestone for Tocardo; access to the knowledge base of one of the world’s leading energy providers will strengthen our offering to the market. Repsol’s market knowledge combined with Tocardo’s technical capabilities will create a strong mutual strategic partnership. 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.”
He continues, “With increasing international interest in tidal and in-stream power generation we will confirm our position as first to market in selling commercially produced water turbines. Tocardo, working with Huisman and Repsol, is now in a position to deliver on key projects.”
Íñigo Palacio Prada, Energy Ventures Manager at Repsol, said, “The Repsol’s New Energy business unit was specifically created to identify opportunities, promote projects and develop initiatives in renewable and bioenergy. This partnership with Tocardo fits perfectly within this framework.”
ICON Corporate Finance, the financial advisor to technology companies, advised Tocardo on entering the partnership.