Tocardo makes a new start thanks to private equity funds 'Participatiefonds Duurzame Energie Noord-Holland'

We are happy to announce that our project partner, the Dutch tidal developer Tocardo, which entered into insolvency proceedings earlier this year, has been rescued by fresh investment of the “Participatiefonds Duurzame Economie North-Holland” (PDENH) a fund of the Province of North Holland and some private investors.   That makes Tocardo again a wholly Dutch owned company. The INTERREG Management Authority reviewed and approved all project related impacts.
  

Not only the company has been strengthened with new investors, also two key hires have been added to its Managing Board and its engineering team:  The new Chief Financial and Operating Officer, Henk Kasteleijn, brings along 20 years of general and financial management experience with two leading multinationals in the innovative offshore technology sector.  Ruud Nijs has joined Tocardo as Project Finance Director.  Nijs is a seasoned international banker and brings over 25 years of experience. He is very well and personally connected on decision-making level in all parts of the Dutch Economy and in the developing world. Also three very experienced engineers have strengthened the team recently.

“I am very pleased that after the restart we were able to add team members of this caliber to join Tocardo’s diverse and talented team,” said Hans van Breugel, Chief Executive Officer of Tocardo.  "We have a lot of work ahead, because the demand for tidal power is increasing."
 
Also the demand for working capital for these projects is high. Tocardo has the exclusive rights for the development of five tidal projects in the United Kingdom (Fall of Warness and Wales) and in the Netherlands (Delta works). In Orkney (Scotland) at the European Marine Energy Center (EMEC), Tocardo has a license to install a first offshore system and to operate on a commercial basis for a period of 20 years.
 
The Universal Foundation System (UFS), is a new solution developed by Tocardo for commercial offshore projects.  In The Netherlands Tocardo adjusted its installations to sluices, tidal inlets and flood barriers, as at the Afsluitdijk, but also at the Eastern Scheldt storm surge barrier, part of the famous Dutch Delta Works. With a track record of 11 installed turbines is this has become a proven technology.  The next major step will be to implement the UFS on a larger scale for the offshore installation of their turbines.