The energy-sector business of global electronics and electrical engineering giant Siemens has purchased a stake in a UK developer of tidal power solutions, entering a renewable energy market the company expects to grow substantially over the next decade.

Siemens Energy Sector bought just under 10 percent of Marine Current Turbines, a Bristol-based company that has so far implemented one commercial demonstration project of its technology in Northern Ireland's Strangford Lough. The prototype, called SeaGen, includes two axial turbines with a total cumulative generation capacity of 1.2 MW that have been supplying electricity into a regional grid since 2008.

Marine Current's prototype project SunGen has exceeded 1,000 hours of operation and has so far generated more than 800 MWh of power

According to a Marine Current statement, the company expects to deploy the first commercial tidal energy farm in UK waters within two years from now.

"With this investment in an early stage company we're securing access to an innovative technology in the field of renewables," CEO of Siemens Energy's Renewable Energy Division Ren