Tocardo Tidal Energy (uk) Merges with Mosscliff Environmental to Form MT Tidal
Securing $200 million for sites already identified from private and institutional investors

Tocardo International B.V, producer of tidal and free-flow water turbines, has reached an agreement with Mosscliff Environmental to create a new company in the renewable energy market - MT Tidal Ltd.

MT Tidal involves the merger of Tocardo International's UK business, Tocardo Tidal Energy Ltd, with elements of Mosscliff Environmental Ltd - a UK market leader in the supply and installation of renewable energy systems, including wind turbines, solar PV and biomass boilers.

MT Tidal will be jointly owned by Mosscliff Environmental Ltd and Tocardo International B.V - both of which will continue to trade separately. The new company will be based in the UK, but will compete on the international market. It will be led by CEO Paul Morris - who formerly headed Tocardo Tidal Energy Ltd in the UK - with Jon Bell from Mosscliff Environmental taking the role of Project Director. Starting with six employees, MT Tidal has already attracted significant backing - with $200 million raised from private and institutional investors.

Project Development

As well as combining Tocardo's expertise in tidal turbines with Mosscliff's track record in wind, solar and biomass, MT Tidal will also have a distinctive offer in renewable energy project development. Mosscliff is already highly experienced in project development, which entails identifying and exploiting suitable sites for renewable energy installations. Tocardo has been keen to build on its manufacturing capability by extending into this fast-growing area, identifying and managing turn-key projects that can utilise its proven technology.

"This merger makes great sense for all parties," says MT Tidal CEO Paul Morris. "It allows Tocardo to extend further into project development and gives us the skill sets that we need, and expands Mosscliff Environmental's offering into tidal energy. Tocardo is the only company manufacturing mass-produced tidal turbines and selling them around the world and is experienced of completing multiple projects on the international market. That proven experience, Mosscliff's track record in project development, raising funding and engineering - as well as our level of backing - makes me confident that we have a unique and compelling offer with MT Tidal."

"Mosscliff has an excellent reputation as one of the most ethical and community-focused players in the UK renewable market. They have a strong record in community fund-raising, including crowd-funding, which will be an additional advantage of this merger," adds Morris.

David Wylie, MD of Mosscliff Environmental, says that the merger is a logical progression for his business and is happening at just the right time for the industry.

Morris says the formation of MT Tidal coincides with new opportunities for small to medium-sized tidal energy projects in the UK and Europe. "Access to sites and the ability to move faster with development is improving. The UK has some of the best tidal energy resources in the world and we are well-placed to tap into this market - as well as many more overseas - with the launch of MT Tidal."

Financial details of the transaction were not disclosed.

About Tocardo

TOCARDO International BV is a Dutch company dedicated to delivering the most effective and economical turbines to harvest energy from the world's oceans and rivers. Over the past decade, Tocardo has had many successes in offshore engineering and the development of renewable ocean energy devices. The TOCARDO free-flow in-stream turbines can be compared to underwater wind turbines': free-standing underwater units, generating energy from sea currents and tidal and river flows. TOCARDO turbines offer the lowest possible kWh price through minimized maintenance and maximized power generation technology. They are easy to install and have little to no environmental impact.

TOCARDO has entered the renewable energy market with 100 and 200 kW turbines. This technology is proven over five years in hostile currents of 4.5 m/s. The company is also developing 500 kW and 1 MW turbines for near- and off-shore application.

http://www.tocardo.com

About Mosscliff Environmental Ltd

A UK market leader Operating nationwide, Mosscliff Environmental Ltd is a renowned market leader in supply and installation of renewable energy systems, including wind turbines, solar PV, biomass boilers, marine turbines and anaerobic digestion. Our focus has always been on meeting the long term need for viable and holistic renewable energy solutions.

Whatever the scale of the project we can offer real engineering expertise, quality equipment and turnkey solutions, including additional planning, Energy Performance Certificate (EPC) and energy efficiency auditing services.

Long established Mosscliff Environmental has been supporting commercial and agricultural businesses, schools, community groups and individuals in making informed choices about a greener future since 2004.

Our directors - one a chartered environmental engineer and the other a mechanical engineer- are particular about only using their own staff, trained to exacting high standards.

We are dedicated to renewable energy and will be here to look after your investment for many years to come.