[1] The company's head office is in Redondela, Galicia, with a UK subsidiary Magallanes Tidal Energy Ltd. based in Kirkwall.
In 2022, they were amongst the first tidal stream developers to be awarded market support for commercial projects in the UK, under the Contracts for Difference (CfD) scheme.
[5] The hull is symmetrical fore-aft, and both rotors are variable pitch, allowing the device to capture both the ebb and flood tide directions without being moved.
[2] The novel device has been built using methodologies and experience from other related sectors, including naval architecture, offshore wind power, oil & gas.
[14][8] The testing at EMEC was initially funded through the European OCEAN_2G project (Second Generation technologies in ocean Energy) coordinated by SAGRES SL, the parent company of Magallanes Renovables.
[8][10] Magallanes Tidal Energy has been awarded Contracts for Difference (CfD) in Allocation Rounds AR4–AR6 to supply subsidised electricity to the GB National Grid for several projects.
[17] Magallanes hope to install their devices in other locations, including Spain, noting that the Strait of Gibraltar has significant potential.