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Voith Hydro and RWE Innogy Form Partnership to Harness Renewable Ocean Current Technology

Posted on: Wednesday, 25 February 2009, 13:08 CST

HEIDENHEIM, Germany and ESSEN, Germany, Feb. 25 /PRNewswire/ -- Voith Hydro and RWE Innogy formed a joint venture of Voith Hydro Ocean Current Technologies.

(Photo: http://www.newscom.com/cgi-bin/prnh/20090225/AQW066)

With the new company, both partners will accelerate the development, manufacture and marketing of ocean current technologies. Within the framework of its venture capital activities, RWE Innogy will make a significant capital investment and hold a 20 percent share in the new company. Voith Hydro -- which has been active for many years in the research and the development of the emissions-free power generation from the oceans -- will be the majority shareholder with 80 percent. The total investment guaranteed by both partners over the next few years equals more than $38.3 million (US). The establishment of the joint venture is subject to the approval of the relevant anti-trust authorities.

"We are absolutely convinced: ocean current power stations, and hence renewable energy from the seas, will be an important building block within the energy mix of the future. The cooperation of two partners of such a high caliber is a milestone in the development and the marketing of this young technology," said Dr. Hubert Lienhard, CEO of Voith AG. "Our common goal is to make ocean current technology competitive as quickly as possible. This is why the close partnership between project developer and plant operator is of special importance to us."

Dr. Fritz Vahrenholt, Chairman of the Board of RWE Innogy, is equally convinced of the potential of ocean current technology: "This form of renewable power generation has a significant advantage: ocean currents flow continuously and can therefore be predicted with maximum accuracy. As a result, the volume of electricity fed into the grid can be forecast much more precisely than that of any other renewable energy carrier. It is therefore imperative that its potential is tapped. With Voith Hydro's experience in this field, we now have a very strong team going forward."

Voith Hydro has been working on ocean currents technologies since 2005. One revolutionary technological solution is already available. It is unique in its robust design without gearbox and rotor blade adjustment, as well as its eco-friendliness achieved by the absence of oils and full underwater installation. By the end of this year, the first 110-kilowatt prototype will be deployed and tested off the South Korean coast. This initial test plant will form part of a planned power station project that -- in the medium term - - will generate electricity from ocean currents to produce several hundred megawatts. Further test plants in Europe will follow.

Through the operation and construction of its offshore wind parks, RWE Innogy has gained valuable experience in working in this area; the company has also been active in the field of power generation from ocean energy. The company also plans to construct a 4 megawatt wave power station off the Scottish coast this year. Additionally, there are plans for the construction of a 10.5-megawatt ocean current power station off the Welsh coast in 2012.

RWE Innogy pools the competencies and the power generating plants of the RWE Group in the renewable energies field and intends to rapidly expand its presence throughout Europe. The main focus is on land and offshore wind power projects. RWE will, however, also grow in its hydro power and biomass business.

Voith Hydro is a Group Division of Voith and is a global leader in the paper, energy, mobility and service industries. Founded on 1st January 1867, Voith employs 43,000, and has sales of EURO 4.9 billion. Operating from 290 locations worldwide, Voith is one of Europe's largest family-owned companies.

SOURCE Voith Hydro; RWE Innogy

Source: PR Newswire

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