Saturday, 19 April 2014

FUNDY TIDAL INC., TOCARDO INTERNATIONAL AND TRIBUTE RESOURCES DEFINE TERMS FOR PARTNERSHIP TO DEVELOP TIDAL POWER IN NOVA SCOTIA

Ottawa, Canada/ Den Oever, Netherlands, November 20, 2013

Tribute Resources Inc. (TSX-V: TRB), Fundy Tidal Inc. (Fundy Tidal), and Tocardo International BV have defined terms for a strategic partnership to develop 3 MW of tidal power at three locations in the Bay of Fundy, Nova Scotia, Canada.

The partnership outlines terms for the proposed participation by TRB and Tocardo of a strategic interest in Fundy Tidal as well as the financing and development of the small-scale tidal Community Feed-In Tariff (COMFIT) projects awarded to Fundy Tidal by the Province of Nova Scotia.

Dutch based tidal turbine producer, Tocardo will work with Tribute to deliver the first stage of the project at Digby, Nova Scotia. This will include the installation of a 1.95 MW array of Tocardo T200 tidal turbines in the Digby Gut of the Bay of Fundy. Fundy Tidal will act as project developer, operator and retain a majority interest in the projects.

The projects represent a key milestone in the development of tidal power in Nova Scotia as envisaged by the policies of the Nova Scotia government.  The Province has established several feed-in tariffs to encourage development of tidal power in the area. The COMFIT supports devices 500kW connected to the transmission system.

The terms also acknowledge and support Fundy Tidal’s commitment to establish testing & demonstration facilities in Digby County to be co-located with the infrastructure required for the COMFIT projects.

Tocardo will set up a tidal turbine assembly and manufacturing plant in Nova Scotia. “This new partnership accelerates our business and is a major step forward for Tocardo’s Canadian business, less than a year after establishing our Tocardo Canada office,” says Hans van Breugel, CEO of Tocardo.


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Partnership formed to establish tidal and community energy R&D facilities in Digby County, Nova Scotia

Ottawa, Nova Scotia Canada - November 19, 2013 – The Municipality of Digby, the Town of Digby and Fundy Tidal Inc. (Fundy Tidal) have entered into an agreement to develop the “Digby Community Energy Trust” to coordinate resources and investment into infrastructure in support of research, development and commercialization of tidal power systems and services in the region.

The Trust also seeks to provide the core operating costs for the “Digby Community Energy Centre” which will provide ongoing testing and demonstration capabilities across the three Community Feed-In Tariff (COMFIT) project sites awarded to Fundy Tidal by the Province of Nova Scotia.

Fundy Tidal received COMFIT approvals for projects in Digby County (1.95 MW in Digby Gut and 500 kW in each of Grand Passage and Petit Passage) and in Cape Breton (100 kW in Barra Strait and 500 kW in Great Bras d’Or Channel).

“The Municipality of the District of Digby is proud to play a role in the development of this up and coming industry.   Tidal development is seen as a pivotal economic driver for the municipality and more importantly for the province and for Canada.  This announcement fits well with our goal of becoming the “Greenest County in Nova Scotia”.  We look forward to working with all of the partners in establishing Digby as a major player in this development,”   stated Warden Linda Gregory.


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Fundy Tidal Inc. and Clean Current Power Systems Inc. to demonstrate a Tidal Power System in Digby County

Digby County, Nova Scotia - November 8, 2013 - Fundy Tidal Inc. (Fundy Tidal) and Clean Current Power Systems Inc. (Clean Current) entered into an agreement to test and demonstrate a 3.5m diameter Clean Current tidal turbine as part of a Tidal Power System (TPS), including energy storage and system controls that enable balancing of power production with community load (TPS project).  The TPS project is expected to last 12 months, with a target commissioning date in the fall of 2014.  The energy storage technology will be selected to best match the predicted output of the Clean Current turbine to the TPS design objectives. The energy storage partner will be selected with consideration of economics, proven reliability, and business opportunity.

Clean Current and Fundy Tidal are currently working together as part of the Acadia University led research project funded under Natural Resources Canada’s ecoENERGY Innovation Initiative (ecoEII project).  The goal of the ecoEII project is to reduce the cost of tidal energy generation through comprehensive hydrodynamic site assessment techniques.  The TPS project leverages approximately $3.3M of work currently underway under the ecoEII project.  The initial phases of the ecoEII project will involve selecting the turbine berth site and providing TPS design criteria.  The TPS project enables the final phase of the ecoEII project, namely tidal turbine monitoring, evaluating the effects of energy extraction on the natural flow regime, and validation and improvement of site assessment models.


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Nova Scotian tidal energy developer attracts local investment for community projects

Digby County, Nova Scotia-November 6, 2013 – Fundy Tidal Inc. (Fundy Tidal) has successfully completed their Community Economic Development Investment Fund (CEDIF) Offering. In so doing the company is confirmed as an eligible proponent under the Province of Nova Scotia’s Community Feed-In Tariff (COMFIT) program by establishing itself as a Community Economic Development Corporation (CEDC) with a minimum of 25 investors from the community.

Digby County-based Fundy Tidal has received approvals for several small-scale tidal projects under the COMFIT in Digby County (1.95 MW in Digby Gut and 500 kW in each of Grand Passage and Petit Passage) and Cape Breton (100 kW in Barra Strait and 500 kW in Great Bras d’Or Channel). The approvals stipulate the projects are to be operational by 2017 but the company hopes to have a demonstration device installed by 2015 in Grand Passage.

The COMFIT is part of Nova Scotia's Renewable Electricity Plan, which sets out a detailed program to move Nova Scotia away from an electricity system dominated by imported coal to one that is based on sources that are greener and closer to home.  It promotes local economic development, energy security and diversity, and cleaner energy production.


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Public Meeting to be held on proposed Brier & Long Islands Tidal Power Projects

Westport, Nova Scotia-October 25, 2013- Fundy Tidal Inc. (Fundy Tidal) would like to cordially invite local residents, businesses and community stakeholders to attend a public meeting on Thursday, November 14th at 7PM to be held in the multipurpose room of the Islands Consolidated School in Freeport. Doors will open at 6:15 for a meet and greet prior to the presentation and discussion to follow.

Fundy Tidal has received approval from the Province for two small-scale tidal Community Feed-in Tariff (COMFIT) projects in Grand and Petit Passages. A requirement of all COMFIT project developers is to hold two public meetings in the community where projects are proposed to provide details of the project and seek community input and feedback. A meeting will also be held in the months ahead in Digby regarding the COMFIT project approved for Digby Gut.


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