Top news, January 1 – 7, 2018
- Business & Finance
Tidal Energy Today has compiled the top news from tidal and wave energy industry from January 1 – 7, 2018.
Dutch tidal energy developer Tocardo International will not become a fully-owned subsidiary of Canadian company Tribute Resources as the parties fail to reach final share swap agreement. Tribute said on January 2, 2018, that the nonbinding agreement setting forth the basic terms and conditions for a share exchange of Tribute shares for the remaining 53.5% of the issued and outstanding shares of Tocardo will not be proceeding forward.
On January 2, 2018, Tocardo received an approval from Dutch authorities for the ‘automatic stay’ – a legal provision that goes into effect after the debtor, or in this case Tocardo, files for bankruptcy to temporarily prevent creditors from collecting amounts owed. The Dutch law provision is similar to the United States’ Chapter 11 form of bankruptcy that involves a reorganization of a debtor’s business affairs, debts and assets. Tocardo has scheduled a meeting with the creditors for March 27, 2018.
Edinburgh-based tidal energy developer Atlantis Resources has agreed to sell its stake in the Canadian joint venture to its partner DP Energy. The venture will be renamed after the transaction is completed, which depends on the realization of certain conditions, including the receipt of the required approval from the Nova Scotia Minister of Energy.
European subsidiary of Australia-based wave energy developer Bombora Wave Power has launched two tenders for the construction of its wave energy device. Bombora Europe is seeking suppliers for for the valve and membrane components for its mWave wave energy device.
US-based start-up CalWave Power Technologies has secured a research grant from Breakout Labs fund to further advance its wave energy technology. The grant, whose amount was not disclosed, will accelerate the work of CalWave’s team towards an open ocean device demonstration. CalWave, a spin-out of UC Berkeley and Cyclotron Road, is developing a submerged pressure differential wave energy device.
Tidal Energy Today