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A hydroelectric motor at a tidal energy farm, designed by the DCNS group, in the harbor of Brest, France. Photo: Fred Tanneau/AFP via Getty Images

The French marine energy company Naval Energies announced this past week that it will stop all investment in its tidal energy business. Naval Energies' subsidiaries, OpenHydro Group and its sister organization OpenHydro Technologies, have entered the liquidation process following the decision.

The bottom line: Naval Energies cited slow growth and a closing of the tidal energy market as a reason for their decision. At the time of investment Naval Energies was expecting the tidal energy sector to mature rapidly, anticipating a turnover of €1 billion by 2025. While the industry still has a great deal of potential, most investors simply don’t have the patience or risk appetite for these technologies.

The Ireland-based OpenHydro was developing a unique turbine design to extract energy from the ocean’s tides. Naval Energies (formerly DCNS) became a majority shareholder back in 2013, following a €260 million strategic investment to help the French company expand into the high-growth market of marine renewables.

At the time of the announcement this past week, the two subsidiaries had debts approaching €280 million and required approximately one million euros per week to stay afloat. However, Naval Energies is not completely abandoning offshore renewables — it's still actively pursuing floating offshore wind and ocean thermal energy conversion (OTEC).

What's next: The announcement comes just a couple of months after OpenHydro unveiled its new factory, capable of producing 25 full-scale tidal turbines each year. One of the facility's turbines was connected to the Canadian grid on July 24, and two days later the European Commission approved a separate seven-turbine tidal demonstration project to be deployed off the Normandy coast. The fate of these two projects is now uncertain.

David Hume is a contractor supporting the marine renewable energy portfolio at the U.S. Department of Energy's Water Power Technologies Office and the founder of The Liquid Grid. The views expressed are his own.

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Scoop: Gina Haspel threatened to resign over plan to install Kash Patel as CIA deputy

CIA Director Gina Haspel. Photo: Win McNamee/Getty Images

CIA Director Gina Haspel threatened to resign in early December after President Trump cooked up a hasty plan to install loyalist Kash Patel, a former aide to Rep. Devin Nunes (R-Calif.), as her deputy, according to three senior administration officials with direct knowledge of the matter.

Why it matters: The revelation stunned national security officials and almost blew up the leadership of the world's most powerful spy agency. Only a series of coincidences — and last minute interventions from Vice President Mike Pence and White House counsel Pat Cipollone — stopped it.

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John Weaver, Lincoln Project co-founder, acknowledges “inappropriate” messages

John Weaver aboard John McCain's campaign plane in February 2000. Photo: Robert Schmidt/AFP via Getty Images)

John Weaver, a veteran Republican operative who co-founded the Lincoln Project, declared in a statement to Axios on Friday that he sent “inappropriate,” sexually charged messages to multiple men.

  • “To the men I made uncomfortable through my messages that I viewed as consensual mutual conversations at the time: I am truly sorry. They were inappropriate and it was because of my failings that this discomfort was brought on you,” Weaver said.
  • “The truth is that I'm gay,” he added. “And that I have a wife and two kids who I love. My inability to reconcile those two truths has led to this agonizing place.”