BORD Gais Energy (BGE) is planning to invest up to €2m in the Irish tidal renewable energy company, OpenHydro.
The company aims to develop a massive tidal farm off the coast after investing €1m in the group. A further capital injection of €1m will be supplied later on, provided certain technical targets are achieved by the group in the meantime.
OpenHydro is involved in the design and manufacture of marine turbines for generating renewable energy from tidal streams.
The company has raised €15.4m over the past 12 months from existing shareholders and new investors to support ongoing development in this field. It's understood that Bord Gais has taken a direct minority stake in OpenHydro of less than 5pc.