Oceanetic Power Corporation, based in Ottawa, is aiming to harness the power of the Bay of Fundy tides for electricity generation by revamping a turbine on a vessel previously owned by a defunct company. About a year ago, Occurrent Power, formerly known as Big Moon Power, declared insolvency. Despite this setback, the company had secured a test-site berth at the Fundy Ocean Research Centre for Energy near Parrsboro, N.S., along with a profitable power purchase agreement with Nova Scotia Power. Oceanetic has now acquired key assets of Occurrent, including the Falcon vessel, valued at $14 million US.
Sasha Jacob, the founder of Oceanetic and a former adviser to Occurrent, expressed enthusiasm for the venture. Having a background in investment banking and experience with renewable energy technologies like onshore wind and geothermal, Jacob sees tidal power as the next promising frontier. Fred Ferguson, Oceanetic’s chief technology officer, disclosed plans to enhance the turbine on the vessel to boost energy capture efficiency by up to 400%. Drawing a comparison to windmills, Ferguson explained the transition to a three-bladed turbine design for improved performance, a technology developed by Waterotor, a company he leads.
The vessel, currently en route to Digby for inspection, is slated for modifications estimated at around $10 million. If all progresses as anticipated, Oceanetic projects energy production to commence by 2026. However, the company’s access to a berth at the Fundy Ocean Research Centre for Energy remains uncertain. The province has enlisted Toronto-based Power Advisory to manage the procurement process for tidal stream energy projects, with an application deadline of Sept. 26. Michael Killeavy, a commercial director at Power Advisory, reported significant interest from approximately a dozen entities seeking to secure a marine renewable electricity license for operations in the available berths.
In conclusion, Oceanetic Power Corporation’s ambitious plans to repurpose the turbine on a vessel acquired from a failed company for harnessing tidal energy in the Bay of Fundy demonstrate a promising shift towards renewable energy solutions.
