Oceanetic Power Corporation, based in Ottawa, is aiming to harness the energy of the Bay of Fundy tides by revamping the turbine on a vessel previously owned by a failed company. About a year ago, Occurrent Power, previously known as Big Moon Power, declared insolvency. The company had obtained a berth for testing at the Fundy Ocean Research Centre for Energy near Parrsboro, N.S., and had a valuable power purchase agreement with Nova Scotia Power.
Now, Oceanetic has acquired key assets of Occurrent, including a vessel named the Falcon that was constructed for $14 million US. Sasha Jacob, the founder of Oceanetic, who had previously advised Occurrent and facilitated funding, expressed enthusiasm about the venture. Jacob, a former investment banker involved in promoting renewable technologies like onshore wind and geothermal, sees a similar turning point for tidal power.
Fred Ferguson, the chief technology officer at Oceanetic, revealed plans to enhance the turbine on the vessel to boost energy capture by up to 400 percent. Comparing the upgrade to modern three-bladed wind turbines, Ferguson emphasized the efficiency gains from reducing the blades to three. The new turbine technology is developed by Waterotor, a company founded and led by Ferguson.
The vessel is set to arrive in Digby for inspection this week, with estimated modification costs around $10 million. If the project progresses as anticipated, Oceanetic aims to generate energy by 2026. However, securing a berth at the Fundy Ocean Research Centre for Energy remains uncertain.
Recently, the province engaged Toronto-based Power Advisory to manage the procurement process for tidal stream energy projects. The deadline for applications is September 26, with approximately a dozen interested parties looking to obtain a marine renewable electricity license for work in the available berths.