Terms of the acquisition, expected to be finalised “in the next few months”, were not disclosed.

TGL is currently in the final stage of plans to install a 1MW version of its semi-buoyant, single-rotor machine alongside the 500kW model that has been operating for several years at the European Marine Energy Centre (Emec) at Orkney, Scotland.

It also has an order in hand from developer MeyGen for a batch of the turbines for a 400MW mega-project in the Pentland Firth.

Alstom