Oceanetic Power Corporation, based in Ottawa, is aiming to harness the power of the Bay of Fundy tides for generating electricity by revamping the turbine on a vessel previously owned by a defunct company.
About a year ago, Occurrent Power, formerly known as Big Moon Power, went insolvent. The company had secured a test-site berth 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 Occurrent’s key assets, including the Falcon vessel, which was built for $14 million US.
Sasha Jacob, the founder of Oceanetic, who had been an adviser to Occurrent and played a role in securing funding, expressed excitement about the project. He highlighted the similarities between the current state of tidal power technology and the early stages of other renewable energy sectors like onshore wind and geothermal.
Fred Ferguson, the chief technology officer of Oceanetic, revealed plans to enhance energy capture by up to 400% by modifying the turbine on the vessel. The new turbine design, inspired by Ottawa-based Waterotor’s technology, involves reducing the number of blades from a paddlewheel to just three, akin to modern wind turbines’ efficiency.
Ferguson estimated the cost of modifying the vessel, currently undergoing inspection in Digby, at around $10 million. If everything progresses as planned, Oceanetic anticipates commencing energy production by 2026.
However, the company’s berth allocation at the Fundy Ocean Research Centre for Energy is uncertain. Earlier this year, the province appointed Power Advisory, based in Toronto, to manage the procurement process for tidal energy projects. The application deadline for obtaining a marine renewable electricity license for the available test berths is set for Sept. 26.
Michael Killeavy, a commercial director at Power Advisory, reported that approximately a dozen entities have shown interest in applying for the license to operate in one or both of the available berths.