Nova Scotia

Tidal power proponent plans to modify turbine on failed company’s vessel

Oceanetic Power Corporation, a company based in Ottawa, has set its sights on harnessing the power of the Bay of Fundy tides to generate electricity. The company plans to achieve this by making modifications to the turbine on a vessel that was once owned by a failed company.

About a year ago, Occurrent Power, previously known as Big Moon Power, faced insolvency. Despite having secured a test-site berth at the Fundy Ocean Research Centre for Energy and a power purchase agreement with Nova Scotia Power, the company was unable to sustain itself. Now, Oceanetic has acquired key assets of Occurrent, including a vessel called the Falcon, which was originally built for $14 million US.

Sasha Jacob, the founder of Oceanetic, was previously involved with Occurrent as an adviser and played a role in securing funding for the company. With a background in investment banking and experience with other renewable technologies, Jacob sees great potential in tidal power and is excited about the possibilities it presents.

Fred Ferguson, the chief technology officer of Oceanetic, has outlined plans to enhance the energy capture capabilities of the turbine onboard the Falcon. By modifying the turbine and reducing the number of blades to three, Ferguson believes that energy capture could increase by up to 400 per cent. The technology for the new turbine has been developed by Waterotor, a company based in Ottawa that Ferguson leads as founder and CEO.

The vessel is set to arrive in Digby for inspection this week, with estimated modification costs of around $10 million. If everything goes according to plan, Oceanetic aims to start producing energy by 2026. However, the company still needs to secure a berth at the Fundy Ocean Research Centre for Energy, which is currently overseen by Power Advisory.

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Power Advisory, a Toronto-based firm appointed by the province, is managing the procurement process for tidal stream energy projects. The deadline for applications for a marine renewable electricity licence is set for September 26th, with around a dozen interested parties vying for the available berths. Michael Killeavy, a commercial director at Power Advisory, has noted the significant interest in submitting applications for conducting work in the berths at the research centre.

As Oceanetic Power Corporation works towards harnessing the potential of the Bay of Fundy tides, the company remains optimistic about the future of tidal power and the role it can play in the renewable energy sector. With innovative technology and a strategic approach, Oceanetic is poised to make a significant impact in the field of marine renewable energy.

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