New tidal energy company established to develop projects in Canada

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A new company, named International Marine Energy Inc., has been established by Tribute Resources Inc. to develop tidal energy projects in Canada, as well as in other areas around the world.

According to a recent press release, IME has acquired Tribute’s interest in Western Tidal Holdings and Fundy Tidal Inc. and its projects. IME and Fundy Tidal are developing the 1.95-MW tidal project called COMFIT, located at Digby, Nova Scotia, as part of the Digby Gut Limited Partnership.

Both IME and Fundy Tidal will form and manage the project team to work with Dutch-based tidal turbine producer Tocardo International BV to commission to project, which may include the installation of up to 16 of Tocardo’s T200 turbines and the design and development of a floating barge platform to house them.

Digby Gut is one of three COMFIT (community feed-in) projects under development in Digby County by Fundy Tidal. IME and Fundy Tidal 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.

Tribute intends to develop all further tidal power projects within IME, which is a wholly owned subsidiary. IME has been funded by a cash share contribution of $1 million from Tribute.

Earlier this year, Western Tidal Holdings executed an investigative use license agreement with the Shishalh Nation in Canada allowing Western Tidal to explore the development of tidal power projects, including conducting a feasibility study for a project in Agamemnon Channel in northern Vancouver.

Tribute acquired Western Tidal in August 2013.

Tribute Resources is a Canadian energy company with a primary focus on adding value to shareholders by exploring for, developing and maintaining a long-term interest in energy projects in Canada.

Canada’s Bay of Fundy is an active area for tidal energy development, with HydroWorld reporting most recently on activity in that region just one month ago.

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