Vattenfall, Babcock and Abengoa launch marine energy engineering JV

The new Scottish company Nautimus has been established primarily by Vattenfall, which will take an 50% stake in the concern, with Babcock and Abengoa each holding 25% shares.

The company will undertake the engineering, procurement, integration and construction (EPC) part of wave power and tidal stream projects on behalf of utilities.

The partners say that there is an absence of EPC services companies in the marine energy sector that can handle the varied challenges of constructing offshore projects.

“We are very pleased to see experienced engineering specialists coming together in Nautimus to ensure the significant global ocean energy opportunity is realised,” says Veijo Huusko of Vattenfall.

“These projects are large and difficult. The participation of large industrial players with the strength and capability to deliver is critical to the ocean energy sector.”

For example, Nautimus will work with technology developer Pelamis Wave Power on its ‘sea-snake’ technology, delivering the final scheme to owner Vattenfall.

Vattenfall’s Aegir project is planning a 10 MW installation of Pelamis’ sea-snake devices off the coast of Shetland, starting construction in 2016 if the necessary consents are granted.

The establishment of the new company in Scotland has been welcomed by the region’s Energy Minister, Fergus Ewing.

“This is further evidence of the momentum building behind the marine renewables industry as it makes strides towards commercialisation and the economic potential that this sector offers to supply chain companies,” he commented.