US-based marine and hydrokinetic (MHK) energy firm Verdant Power has formed a joint venture (JV) with Ireland's Belleville Duggan Renewables to develop tidal energy projects.
The JV, Verdant Isles Ltd, will develop tidal energy projects in Ireland and the UK.
Verdant Power co-founder Trey Taylor said: "The establishment of Verdant Isles allows Verdant Power to develop opportunities in Ireland and the UK by partnering with a locally-based EPC renewable energy contractor and developer with whom the company has established a strong working relationship."
According to data provided by Sustainable Energy Authority Ireland (SEAI), Ireland's tidal current energy could be substantial and also an economic driver.
SEAI stated that 'viable' tidal current energy resources to be developed in Irish waters are estimated to be able to produce 900GWh per annum.
More than €150m investment is required to develop just half of this target, which would create up to 250 jobs in the resulting global supply chain, said Verdant.
Bellville Duggan Renewables John Gleeson said: "Our goal is to become one of the leading project developers in the clean-tech sector.
"To achieve this, we need to be aligned with technology developers at the forefront of their respective areas. Belleville Duggan Renewables is excited to announce the establishment of Verdant Isles as a partnership with Verdant Power, a world leader in the design and application of marine energy solutions."
Verdant Isles is also planning to establish a manufacturing base in Ireland as part of a global supply chain for marine energy devices.
The joint venture would also carry out further research into Ireland's accessible energy resources.
Image: Verdant Power is a maker and installer of tidal power and hydroelectric systems. Photo: courtesy of Verdant Power, Inc.