German offshore engineering company Schottel has merged its three tidal subsidiaries into a single business to be known as Sustainable Marine Energy.
Schottel has transferred all its tidal assets, including UK subsidiary TidalStream and Canadian subsidiary Black Rock Tidal Power to SME in return for equity, becoming SME’s largest shareholder.
The amalgamation was first reported last month in subscription-only newsletter reNEWS.
BRTP’s name, meanwhile, has been changed to Sustainable Marine Energy (Canada) Ltd.
The unified business will be headquartered in Edinburgh, Scotland, where SME’s management and engineering teams are based.
The Schottel Hydro team responsible for the design and delivery of the instream turbines will continue to be based in Spay, Germany, co-located with Schottel, who will continue to provide engineering and technical support alongside manufacturing of power take-off systems.
Sustainable Marine Energy (Canada), based in Halifax, Nova Scotia, will lead the delivery of projects in North America.
“Following a comprehensive, strategic business and technology review, we believe that SME is best placed to deliver commercially viable tidal energy systems to the market,” said Schottel chief executive Andreas Block.
SME director added: “This deal crystalizes the strong relationship that we have built with Schottel over the past five years, initially as a supplier and then as a development partner and investor.”