Voith Hydro and RWE Innogy Form Partnership to Harness Renewable Ocean Current Technology



    HEIDENHEIM, Germany and ESSEN, Germany, Feb. 25 /CNW/ -- Voith Hydro and
RWE Innogy formed a joint venture of Voith Hydro Ocean Current Technologies.
    
    (Photo:  http://www.newscom.com/cgi-bin/prnh/20090225/AQW066)
    
    With the new company, both partners will accelerate the development,
manufacture and marketing of ocean current technologies. Within the framework
of its venture capital activities, RWE Innogy will make a significant capital
investment and hold a 20 percent share in the new company. Voith Hydro --
which has been active for many years in the research and the development of
the emissions-free power generation from the oceans -- will be the majority
shareholder with 80 percent. The total investment guaranteed by both partners
over the next few years equals more than $38.3 million (US). The establishment
of the joint venture is subject to the approval of the relevant anti-trust
authorities.
    "We are absolutely convinced: ocean current power stations, and hence
renewable energy from the seas, will be an important building block within the
energy mix of the future. The cooperation of two partners of such a high
caliber is a milestone in the development and the marketing of this young
technology," said Dr. Hubert Lienhard, CEO of Voith AG. "Our common goal is to
make ocean current technology competitive as quickly as possible. This is why
the close partnership between project developer and plant operator is of
special importance to us."
    Dr. Fritz Vahrenholt, Chairman of the Board of RWE Innogy, is equally
convinced of the potential of ocean current technology: "This form of
renewable power generation has a significant advantage: ocean currents flow
continuously and can therefore be predicted with maximum accuracy. As a
result, the volume of electricity fed into the grid can be forecast much more
precisely than that of any other renewable energy carrier. It is therefore
imperative that its potential is tapped. With Voith Hydro's experience in this
field, we now have a very strong team going forward."
    Voith Hydro has been working on ocean currents technologies since 2005.
One revolutionary technological solution is already available. It is unique in
its robust design without gearbox and rotor blade adjustment, as well as its
eco-friendliness achieved by the absence of oils and full underwater
installation. By the end of this year, the first 110-kilowatt prototype will
be deployed and tested off the South Korean coast. This initial test plant
will form part of a planned power station project that -- in the medium term -
- will generate electricity from ocean currents to produce several hundred
megawatts. Further test plants in Europe will follow.
    Through the operation and construction of its offshore wind parks, RWE
Innogy has gained valuable experience in working in this area; the company has
also been active in the field of power generation from ocean energy. The
company also plans to construct a 4 megawatt wave power station off the
Scottish coast this year. Additionally, there are plans for the construction
of a 10.5-megawatt ocean current power station off the Welsh coast in 2012.
    RWE Innogy pools the competencies and the power generating plants of the
RWE Group in the renewable energies field and intends to rapidly expand its
presence throughout Europe. The main focus is on land and offshore wind power
projects. RWE will, however, also grow in its hydro power and biomass
business.
    Voith Hydro is a Group Division of Voith and is a global leader in the
paper, energy, mobility and service industries. Founded on 1st January 1867,
Voith employs 43,000, and has sales of EURO 4.9 billion.  Operating from 290
locations worldwide, Voith is one of Europe's largest family-owned companies.

    
     Contact Voith                        Contact RWE Innogy
     Markus Woehl                         Barbara Woydtke
     Corporate Communication Voith AG     Head of Corporate Communication
     Tel: +49 (0)  7321 37 2219           Tel.: +49 (0) 201/121 40 74
     M: +49 (0) 173 300 83 92             M.: +49 (0) 173 290 46 51

    




For further information:

For further information: Markus Woehl, Corporate Communication Voith AG,
+49 (0) 7321 37 2219, mobile, +49 (0) 173 300 83 92; or Barbara Woydtke, Head
of Corporate Communication of RWE Innogy, +49 (0) 201/121 40 74, mobile, +49
(0) 173 290 46 51 Web Site: http://www.strategies360.com

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