Oceanetic Power Corporation, based in Ottawa, is aiming to convert the Bay of Fundy tides into electricity 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 after securing a test-site berth at the Fundy Ocean Research Centre for Energy in Parrsboro, N.S., and a valuable power purchase agreement with Nova Scotia Power.
Oceanetic now possesses Occurrent’s key assets, including the Falcon vessel constructed for $14 million US. The founder of Oceanetic, Sasha Jacob, who was previously an adviser to Occurrent and played a role in obtaining funding, expressed enthusiasm about this venture. He likened the current state of tidal power to a turning point similar to what was witnessed with onshore wind and geothermal technologies.
Fred Ferguson, the chief technology officer at Oceanetic, revealed plans to enhance energy capture by up to 400% by modifying the turbine on the vessel. The new design will feature three blades, inspired by modern wind turbine efficiency models. The technology for the updated turbine originates from Waterotor, a company founded and led by Ferguson.
The vessel, scheduled for inspection in Digby this week, is estimated to require approximately $10 million for modifications. If all progresses as intended, Oceanetic anticipates generating energy by 2026. However, the company’s ability to secure a berth at the Fundy Ocean Research Centre for Energy hinges on the ongoing procurement process managed by Toronto-based Power Advisory, appointed by the province earlier this year.
Power Advisory reported that there are around a dozen interested parties looking to submit applications for a marine renewable electricity license to operate in the available berths. This development underscores the evolving landscape of renewable energy initiatives and the potential for significant advancements in tidal power technology.
