Oceanetic Power Corporation, based in Ottawa, aims to harness the energy of the Bay of Fundy tides by adapting the turbine on a vessel previously owned by a failed company. About a year ago, Occurrent Power, formerly known as Big Moon Power, declared insolvency. The company had secured a spot for testing at the Fundy Ocean Research Centre for Energy near Parrsboro, N.S., along with a significant power purchase agreement with Nova Scotia Power. Now, Oceanetic owns key assets of Occurrent, including the Falcon vessel, which was constructed for $14 million US.
Sasha Jacob, the founder of Oceanetic who was once an adviser to Occurrent, expressed enthusiasm for the project. Having a background in investment banking, he drew parallels between the development of tidal power and other renewable energy technologies like onshore wind and geothermal.
Fred Ferguson, the chief technology officer at Oceanetic, disclosed plans to enhance energy capture by up to 400% by modifying the turbine on the vessel. The proposed changes involve reducing the number of blades on the turbine to three, inspired by the efficiency of modern three-bladed wind turbines. The new turbine technology is a product of Waterotor, a company led by Ferguson.
The estimated cost for the modifications on the vessel, which is due for inspection in Digby this week, is around $10 million. If all progresses according to plan, Oceanetic anticipates generating energy by 2026. However, the company’s ability to secure a berth at the Fundy Ocean Research Centre for Energy remains uncertain.
Recently, the province enlisted the services of Toronto-based Power Advisory to manage the procurement process for tidal stream energy projects. Interested parties have until September 26 to apply for a marine renewable electricity license to operate in the available berths. Michael Killeavy from Power Advisory revealed that approximately a dozen entities have shown interest in applying for the license.