Siemens is to sell its marine energy company Marine Current Turbines, the company has announced, saying that the industry was growing too slowly and had too limited potential to maintain its investment.
Siemens said the industry would be a “niche” market.
Earlier this year the company cancelled plans for a tidal array in Skerries, Wales. In October MCT director David Ainsworth said he was leaving to join startup company Kite Power Solutions.