Wednesday, 26 November 2014

Fundy Tidal closes deal with Ontario firm

The Digby Courier

John DeMings
Published on November 21, 2014

WESTPORT - Fundy Tidal Inc. of Westport said today has closed its deal with Tribute Resources Inc., which sees the Ontario-based energy company take a 10 per cent minority interest in Fundy Tidal for a subscription price of $597,750.

The London, Ont., company plans to purchase a further 10 per cent.

Tribute is making the investment through its wholly owned subsidiary International Marine Energy Inc. The purchase of 398,500 Fundy Tidal shares was announced Nov. 6 during the International Conference on Ocean Energy in Halifax.

As announced in September, the board of directors of Fundy Tidal has appointed Jennifer Lewis, the chief financial officer of Tribute, as CFO of Fundy Tidal.

In today's news release, Fundy Tida said it and IME have also entered into a right of first refusal agreement to develop and finance all current Fundy Tidal COMFIT (Community Feed-in Tariff) projects and to collaborate on future projects in Atlantic Canada.

See the full story here.

 


FUNDY TIDAL INC. CLOSES PARTNERSHIP WITH INTERNATIONAL MARINE ENERGY

NEWS RELEASE

November 21, 2014

Digby County, Nova Scotia, Canada: Further to news releases in September 2014 of a pending investment by Tribute Resources Inc. (TSX-V: TRB) (Tribute) for common shares of Fundy Tidal Inc. (Fundy Tidal), Fundy Tidal is pleased to announce that it has closed such investment by Tribute, through its wholly owned subsidiary International Marine Energy Inc. (IME), on November 6, 2014, during the International Conference on Ocean Energy 2014 in Halifax, Nova Scotia. IME subscribed for 10% minority interest in Fundy Tidal, being 398,500 common shares, for a subscription price of $597,750.  In addition, the board of directors of Fundy Tidal has appointed Jennifer Lewis, the CFO of Tribute, as the Chief Financial Officer of Fundy Tidal.

IME and Fundy Tidal have also entered into a Right of First Refusal Agreement to develop and finance all current Fundy Tidal COMFIT projects and to collaborate on future projects in Atlantic Canada.


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Benefits of community energy authority ‘outweigh risks’

DIGBY - Fundy Tidal Inc. is going to have a helping hand to get electricity ashore—and sold—from its Digby Gut tidal power turbine.

 

The company plans to install the turbine next fall, the first of three planned developments in the county.

But it needs subsea cables to get the power ashore, and other infrastructure as well.

Local municipalities, which have become strong advocates of tidal power, are stepping up.

The municipalities of Digby and Clare and the town of Digby are well on their way to establishing a community energy trust to invest in research, development and commercial infrastructure for tidal power and community energy systems development in the county.

See the full story here.


Fundy Tidal attracts investment and project partner for Digby Gut Project

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.


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Nautricity - Fundy Tidal sign a MoU to develop tidal energy at Petit Passage, Nova Scotia

Digby County, Nova Scotia Canada- June 24, 2014- Nautricity Ltd. and Fundy Tidal Inc. (Fundy Tidal) are pleased to announce the signing of an MOU to develop a 500kW tidal project in Nova Scotia, Canada’s Petit Passage.

Nautricity is completing system testing of its CoRMaT and Hydro-buoy technologies at the European Marine Energy Centre (EMEC) off the Orkney Islands in Scotland. The project at Petit Passage provides flows similar to those at the EMEC site and approach the speeds found at the FORCE site in Nova Scotia.

“We are delighted with the opportunity to partner with Fundy Tidal on the delivery of this important project,” says Cameron Johnstone, CEO of Nautricity. “This is a great platform to demonstrate how new approaches to the development of tidal energy projects can deliver benefit to both Nova Scotia and Scottish companies. The opportunity for tidal development around the world is immense, and Scotland and Nova Scotia have some of the best resources and best developed regulatory regimes anywhere.”

Vince Stuart, President of Fundy Tidal stated “We have been in discussions with Nautricity for a couple of years and are most pleased that both our companies have evolved to the stage where we are now formerly working together in the delivery of the Petit Passage project. This partnership is a concrete example of the desire of both the Scottish and Nova Scotia governments and industry to foster collaboration on marine energy developments.”


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