Tribute Resources, Fundy Tidal in Joint Tidal Project
- Business & Finance
Tribute Resources Inc. and Fundy Tidal Inc. have formed the Digby Gut Limited Partnership to develop the 1.95MW small-scale tidal COMFIT project awarded to Fundy Tidal by the Province of Nova Scotia.
Offices in Digby County are planned to open by year’s end complementing Fundy Tidal’s presence and activities underway in Grand & Petit Passages.
The partners will work with Dutch-based tidal turbine producer, Tocardo, to commission the project which may include the installation of up to 16 of their T200 turbines and the design and development of a floating barge platform to house them. The project team is also exploring potential facilities and local supply chain relationships in Digby County to serve the needs of the project and to possibly serve as a Tocardo’s tidal turbine assembly and manufacturing plant in North America.
The partners are striving to have a system operating by fall of 2015 in Digby Gut and expanding upon it in the following year. Many factors may influence this timeline including the completion of financing, regulatory and environmental approvals and insuring we continue to have community and stakeholder support.
Subject to shareholder approval at Fundy’s forthcoming AGM, TRB will also take a minority equity interest in Fundy Tidal directly and have representation on the Board of Directors of Fundy Tidal including TRB CEO Jane Lowrie. Jennifer Lewis, the CFO of TRB, will also be appointed CFO of Fundy Tidal.
The influx of investment into Fundy Tidal will enable establishing business offices, expand current staff, hiring contractors and continue to develop their current projects and internal expertise.
The Digby Gut project is one of three COMFIT projects under development in Digby County by Fundy Tidal. The partners have entered into a Right of First Refusal Agreement to develop and finance all current COMFIT projects and to collaborate on future projects in Atlantic Canada and possibly elsewhere in Canada.
“We continue to be excited to work with the Province, the municipalities in Digby County and our academic and industry partners who have been most supportive in promoting the region as a focal point for marine renewable energy development in Nova Scotia. We have excellent partners to complete the financing and technical elements of our COMFIT projects. The addition of Tribute Resources to our board of directors is a great compliment to the experience of Fundy Tidal’s team.” said Vince Stuart, Fundy Tidal President.