Ottawa-based Oceanetic Power Corporation wants to turn the Bay of Fundy tides into electricity by modifying the turbine on a failed company’s vessel.
Just over a year ago Occurrent Power, formerly Big Moon Power, filed for insolvency. The company had secured a test-site berth at the Fundy Ocean Research Centre for Energy located near Parrsboro, N.S., and a lucrative power purchase agreement with Nova Scotia Power.
Now, Occurrent’s key assets, including a vessel known as the Falcon built for $14 million US, are owned by Oceanetic.
That company’s founder, Sasha Jacob, was previously an adviser to Occurrent and helped secure funding.
“It’s really exciting for us,” said Jacob, who was an investment banker in the early days of other renewable technologies such as onshore wind and geothermal.
“We’re seeing the same inflection point with tidal power now,” he said.
Fred Ferguson, chief technology officer for Oceanetic, said there are plans to modify the turbine onboard the vessel to improve energy capture by up to 400 per cent.
Three blades
“If this was a windmill that a farmer used to pump water as an example, an old-fashioned one, they’re very inefficient, as opposed to modern wind turbines, which are three-bladed and very efficient,” Ferguson said.
“And so we’re taking this paddlewheel and reducing the number of blades to only three.”
The new turbine is technology developed by Ottawa-based Waterotor. Ferguson is the company’s founder and CEO.
He said the modifications to the vessel, which is arriving in Digby this week for an inspection, is estimated to cost about $10 million.
If all goes as planned, Ferguson said Oceanetic could produce energy in 2026.
Still, it remains to be seen if Oceanetic will secure a berth at the Fundy Ocean Research Centre for Energy.
Earlier this year, the province appointed Toronto-based Power Advisory to oversee the procurement process for tidal stream energy projects. The application deadline is Sept. 26.
Michael Killeavy, a commercial director with Power Advisory, said there are about a dozen registrants with interest in submitting applications for a marine renewable electricity licence to conduct work in one, or both, of the two berths available.
