MCT has already implemented its first commercial demonstrator project SeaGen in Strangford Lough, Northern Ireland. Since November 2008, two axial turbines with a combined capacity of 1.2MW have been feeding power into the grid to supply about 1500 homes.
Martin Wright, managing director of MCT, said: "Siemens' investment in MCT underlines the significant commercial potential that exists for tidal energy across the globe, and enables us to draw upon the company's extensive knowledge and experience in turbine generation technology.
"We are delighted to have Siemens on board. Siemens is a company with an outstanding international reputation and will help us develop our technology and deliver tidal energy on a commercial and global basis."
Marine current turbines generate electricity by utilizing water flows such as tidal currents. The turbine is fixed on a pile and is driven by the flow of the tides. This technology is similar to an underwater wind turbine.