A Cornish business has unveiled details of a new joint venture in the marine renewables sector.

Penryn-based HydroWing has teamed with QED Naval in Scotland to acquire Holland’s leading tidal turbine business, Tocardo Tidal Power.

Tocardo will continue to deliver its state-of-the-art turbines and after-sales support, but will now also be investing in additional turbine development.

Richard Parkinson, CEO of HydroWing, explained: “This bigger, long-term, end-to-end vision is quite unique in that it brings an unrivalled pool of expertise and collaboration across European tidal energy.

“The new joint venture is committed to expand and will be introducing their combined technologies in new projects starting in 2020.”

The companies have already been working in partnership on tidal projects in Europe and will be expanding on this as they further develop their complimentary technologies.

Andries Van Unen, CEO of Tocardo, added: “We didn’t get to this point alone. In joining all these forces together there has been some great vision, hard work and expertise.

“We are very grateful to all parties who have helped get this partnership over the line: namely investors, existing customers, the hard-working staff and project team. We are now in the fortunate position to have a geographically greater market presence and team with some of the most talented experts in the industry behind us which can build on the technologies and results achieved over the years.

“We really can’t wait to show you some of the exciting projects and innovations we are working on.”