Fundy Tidal attracts investment and project partner for Digby Gut Project
Fundy tidal inc. news release
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.
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.
About Fundy Tidal Inc.
Fundy Tidal is a Community Economic-Development Corporation (CEDC) based in Digby County, Nova Scotia established on Brier Island in 2006 as a result of local interest to generate marine renewable energy from the tidal currents of the Outer Bay of Fundy, Nova Scotia including Digby Gut, Grand Passage and Petit Passage. Fundy Tidal’s focus is small-scale tidal energy projects that involve community ownership and local benefits. Current activities include development of five tidal power projects through the Community Feed-In Tariff (COMFIT) program. Fundy Tidal received COMFIT approvals from the Province of Nova Scotia 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). Fundy Tidal also provide environmental and technical consulting services that enable sustainable development of renewable energy for marine communities.
For more on Fundy Tidal please see www.fundytidal.com.
About Tribute Resources Inc.
Tribute is a Canadian publicly traded energy and natural resource company that was incorporated under the Business Corporations Act of the Province of Alberta on May 15, 1997. Tribute’s primary focus is on adding value to shareholders by developing and investing in energy and natural resource projects in Canada. In August 2013, Tribute acquired 100% of the outstanding shares of Western Tidal Holdings Ltd. (“WTH”), a tidal developer focused on developing tidal power electrical generation facilities in and around the Gulf Islands of the province of British Columbia. WTH has in excess of 280 MW of early stage tenure applications for tidal power site investigation with the BC government at locations that meet its development and sustainability criteria. Tribute’s objective is to build a company capable of delivering and sustaining long-term per share growth by developing energy and natural resource projects that will generate stable long-term cash flow when fully developed. Tribute’s business plan is to build upon its current asset base to identify, permit, develop, and construct projects that meet its threshold return criteria. Tribute will create value by identifying project opportunities, providing the expertise to develop the projects and maintaining an interest in the completed assets to build long-term stable utility quality cash flow from a strong and diversified energy related asset base.
For more on Tribute Resources please see www.tributeresources.com.
For more information contact Fundy Tidal:
Dana Morin
Director of Business Development
902.790.3565
dana@fundytidal.com
To contact Tribute Resources:
Jennifer Lewis
CFO
519.657.7624
jlewis@tributeresources.com