DCNS and BpiFrance announce the launch of DCNS Energies, a new marine energy business

DCNS, the parent company of OpenHydro and the European leader in naval defence, has announced the creation of DCNS Energies a new marine energy business which will be fully financed by a fund managed by Bpifrance and supported by Technip and BNP Paribas development groups.

DCNS Energies, majority owned by DCNS and 36% by the SPI fund (“Société de Projets Industriels” / Industrial Projects Company) of Bpifrance, will devote its activity to the industrial and commercial development of three marine energy technologies; in-stream tidal turbines, ocean thermal energy conversion (OTEC) and floating offshore wind. A total investment package of € 100 million in equity has been provided by the partners to secure the future of the marine technologies and projects.

The creation of the new subsidiary, follows on from the DCNS acquisition of OpenHydro in 2013. Building on the progress made in the maturation of tidal technology, the group will seek to move to the commercialisation of marine energy projects. The industrial partnership is strengthened by the addition of Technip, which will bring its expertise in the engineering and management of complex marine projects. PNP Paribas Dévelopment have also committed to the new company. For DCNS, the creation of the subsidiary allows for the diversification of its core business in naval defence and provides access to new markets and customers. The subsidiary also secures the ongoing technology and project development of the OpenHydro tidal technology and its global portfolio of projects.

According to Thierry Kalanquin, CEO of DCNS Energies: “We have serious assets with which to succeed on this market: renowned experts, advanced technology, turnkey offers covering the lifetime of projects, and an expanding portfolio of sites. The creation of DCNS Energies is a boost for the entire industrial sector that will follow this development.”

He added: “The launch of DCNS Energies, of which OpenHydro will be a part, is a hugely positive signal to the broader industry that there is a belief in the success of tidal technology and marine energy projects. The funding provided into the group will allow for longer term security for OpenHydro and will allow us to continue with the delivery of our robust business development plans.”

For Magali Joessel, director of the SPI fund: “The SPI fund welcomes this investment alongside DCNS, which will bring its technical expertise to DCNS Energies. A key success factor for us, DCNS Energies also benefits from the highly dynamic global markets by taking key positions in development projects, particularly in tidal energy. These technological and commercial advantages make DCNS Energies a promising first mover.”

Thierry Pilenko, Chairman and CEO of Technip stated: “We are delighted to bring to DCNS Energies our expertise and skills in engineering, in particular offshore engineering, and in managing complex projects. Our extended industrial presence can also provide more market access in the world. Technip has extensive experience, based on our achievements in fields ranging from onshore to offshore, including subsea systems. Our expertise in design, construction and installation will be available to DCNS Energies, to optimise the development of their projects.”