“From a geographic and economic point of view, South Korea is one of the world’s most promising countries for the application of tidal energy generation,” a Tocardo statement read.
The company has signed a deal with German-Korean corporation Korwind, which Tocardo said has “extensive experience” in the South Korean renewable energy market, and “a strong track record of building trade links between Korea and northwest Europe”.
Hans van Breugel, chief executive of Tocardo, said: “We are excited to enter into this agreement with Korwind, which is not only a specialist in renewable energy and hydropower, but also has extensive connections in the South Korean market.”
He added: “There is a lot of investment and interesting activity around renewable energy in South Korea, with tidal power beginning to build momentum. We aim to be one of the first to offer proven and commercially viable technology, with Korwind ideally positioned to maximise the opportunity.”
Tocardo’s turbines, which are sold into the market ready to install, are designed to generate energy in any environment with flowing water, from offshore tidal currents, to inshore rivers.
As part of the deal, Korwind will use its network of Korean commercial and government relationships to implement the Dutch hydro-power specialist’s technology.
Stephan Huth, project manager at Korwind, said: “This could be the best country in the world for tidal and offshore energy generation, and Tocardo, with its proven and scalable technology, has a ready-made solution.”
In an effort to gain a strong foothold in South Korea, Tocardo has also signed an R&D agreement with Blue Ocean Power to demonstrate its 1MW tidal turbine, at Korea’s Saemankeum Barrage. This installation will combine tidal and ocean current power.
This is the second dealership agreement signed recently by Tocardo International in Asia. Last month it signed a dealership contract for Japan with Spectol Power Design (SPD).