Message from the Chairman
The Board and major shareholders of Marine Current Turbines (MCT) have decided that the company is now able to attract the scale of investment needed to build an industrial business. Substantial progress has been made in designing and producing SeaGen and proving that the design is robust, reliable and meets the required power generation specification. The next phase of the company is to move on to production-engineering and large-scale manufacturing so as to seize the significant market opportunity.
An information memorandum has been prepared which will shortly be sent to potential investors who would take the company to the next level. It is anticipated that this process will take a number of months and is likely to be completed by the end of the summer period.
As a result of the business moving into this new era Martin Wright is stepping down and leaving MCT at the end of the process. Until then he will be focusing on the transition process and will also assist with the recruitment of a new Chief Executive.
Martin has created a substantial business over the last 10 years and has made a massive impact in the Tidal Energy marketplace. He has shown immense skill in successfully steering the company with constrained resources in difficult times and reaching the industrial stage of development with a commanding technological lead. It goes without saying that the Board is very grateful for his hard work and achievements, and wishes him as much success with his next challenge.
Peter Fraenkel has also announced that he plans to retire from MCT in the autumn. The Board greatly appreciates the enormous contribution Peter has made to leading the design and technical development of SeaGen. We wish him well for the future particularly on any new ventures he gets involved in.
Paul Lester, Chairman
