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French international oil company Total SA announced that it has acquired a 10 percent stake in Scotrenewables Marine Power Ltd. This is a Scottish company that is developing technology that generates electricity from the water movement caused by ocean tides. Tidal energy is still fledgling, but there are some pilot projects to gain experience and realise cost reductions. "In the long term, marine power could make a significant contribution to electricity generation from renewable sources, particularly in the UK and France", said a spokesman for Total. This acquisition is part of the strategy of a numer of large oil companies to have a portfolio of new energy technologies.
Source: Forbes
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