Under the deal, new shares have been issued, giving Huisman a minority stake in the business. In addition to the investment, Huisman will also offer expertise and experience in construction and engineering. The new inflow of funds will be used for further technological developments in Tocardo’s offshore technology.

Commenting on the strategic partnership, Hans van Breugel, CEO of Tocardo said: “We have recently reached the stage of full commercialization of the building and marketing of our smaller turbines. This agreement is the next step in our plan to scale up our business and gain first-mover advantage in this fast-changing sector. There is a lot of international interest in tidal and in-stream power generation and we are one of the first companies to have commercially available products that are already being sold. Huisman’s investment and partnership will help us realize the full potential of this opportunity.”

Last month, Tocardo announced that it is currently manufacturing six free-flow water turbines for Nepal and Japan as part of the partnership agreements announced in March to supply 8MW of bi-directional turbine power over a three-year period to Japan and, in June, to supply 2.5MW of uni-directional turbine power to Nepal’s fast-flowing rivers.