Rolls-Royce signs agreement to sell Tidal Generation Limited to Alstom
Tuesday, 25 September 2012
Rolls-Royce, the global power-systems company, today announces the sale of Tidal Generation Limited (TGL) to Alstom.
TGL designs, develops and manufactures tidal turbine technologies which harness the reliable and predictable energy of tidal streams to generate electricity.
The sale is expected to complete within the next few months, subject to closing conditions.
- Rolls-Royce will sell TGL to Alstom UK Holdings Ltd, a wholly owned subsidiary of Alstom.
- TGL is a wholly owned subsidiary of Rolls-Royce Holdings plc that is managed and reported in the Energy business segment.
- In September 2010 TGL’s 500kWe tidal stream turbine concept demonstrator unit was deployed at the European Marine Energy Centre’s (EMEC) offshore test site, off the Orkney Islands in Scotland, and generated over 200 megawatt hours of electricity supply to the grid. It was the first EMEC located project to receive Renewable Obligation Certificates.
- As part of the ReDAPT (Reliable Data Acquisition Platform for Tidal) consortium project, which is commissioned and co-funded by the Energy Technologies Institute, TGL’s 1MWe tidal stream turbine is currently being installed off Orkney and will be tested in various operational conditions over a two year period.
- As at 31 December 2011, TGL had gross assets of £10.6M.
- Rolls-Royce is a world-leading provider of power systems and services for use on land, at sea and in the air, and has established a strong position in global markets - civil aerospace, defence aerospace, marine and energy.
- As a result of this strategy, Rolls-Royce has a broad customer base comprising more than 500 airlines, 4,000 corporate and utility aircraft and helicopter operators, 160 armed forces, more than 4,000 marine customers, including 70 navies, and energy customers in more than 80 countries
- Annual underlying revenue was £11.3 billion in 2011, of which more than half came from the provision of services. The firm and announced order book stood at £60.1 billion at 30 June 2012, providing visibility of future levels of activity.
- Rolls-Royce employs over 40,000 people in offices, manufacturing and service facilities in over 50 countries. Over 11,000 of these employees are engineers.
- In 2011, Rolls-Royce invested £908 million on research and development, two thirds of which had the objective of further improving the environmental performance of its products, in particular reducing emissions.
- Rolls-Royce supports a global network of 28 University Technology Centres, which connect the company’s engineers with the forefront of scientific research.
- The Group has a strong commitment to apprentice and graduate recruitment and to further developing employee skills.
- Alstom is a global leader in the world of power generation, power transmission and rail infrastructure and sets the benchmark for innovative and environmentally friendly technologies.
- Alstom builds the fastest train and the highest capacity automated metro in the world, provides turnkey integrated power plant solutions and associated services for a wide variety of energy sources, including hydro, nuclear, gas, coal and wind, and it offers a wide range of solutions for power transmission, with a focus on smart grids.
- The Group employs 92,000 people in around 100 countries. It had sales of €20 billion and booked close to €22 billion in orders in 2011/12.