Digby, Nova Scotia, September 11, 2014
Tribute Resources Inc. (TSX-V: TRB) and Fundy Tidal Inc. (Fundy Tidal), 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.