HUTCHINSON, Kan. — In its continued efforts to streamline its vast footprint and keep the renewable energy sector in an healthy state, Siemens announced that it is selling off Marine Current Turbines, a British company is purchased in
2010.
The move will affect 45 employees in Europe who have been working to make tidal turbine energy cost effective. The department is part of Siemens wind turbine division. While the Munich based company feels tidal turbines will become a viable energy source the supply chain to make the product work hasn’t developed fast enough according to a news release. Tidal turbines use the movement of the ocean to turn turbines and generate electricity.
Siemens says the sell off of the company will take several months to complete.