Tribute Resources Inc. has acquired marine energy company, Tocardo International BV, making Tocardo a wholly-owned subsidiary of Tribute that will operate as Tocardo Energy Inc.
Tribute, based in London, Ontario, Canada, announced on Aug. 3 that it purchased 53.5% of Tocardo’s remaining shares to add to the 46.5% it purchased in 2016. Going forward, Tribute said its primary business will encompass all in-progress Tocardo operations and current Tribute tidal assets and project interests.
Based in Den Oever, The Netherlands, Tocardo offices and staff will remain in their current location following the completion of the acquisition, according to Tribute.
Tribute’s two primary lines of business include: underground natural gas storage, exploration and development; and renewable energy development. Tribute (TRB) is publicly traded on the TSX Venture Exchange – a stock exchange in Canada.
By September, Tribute said it hopes to raise US$1.5 million for Tocardo and $700,000 for Tribute to allow an upscaling of engineering activities within Tocardo to deploy its Universal Foundation System (UFS) in late 2018. Tocardo’s UFS is designed to be a floating platform holding five 300-kW rated T2 bi-directional turbines combined to produce 1.5 MW of marine energy for near shore, open-water tidal generation locations.
Tribute plans to raise the funds by selling limited partnerships in Minas Tidal Limited Partnership (Minas Tidal LP).
In July 2016, HydroWorld.com reported Minas Energy entered into a partnership with International Marine Energy Inc. and Tocardo, using Tocardo’s tidal turbines. The new collaboration, Minas Tidal LP, was established to test Tocardo technology at Fundy Ocean Resource Centre for Energy (FORCE) in the Minas Passage of Nova Scotia, Canada.
Minas Energy’s leasehold rights to a berth at FORCE, along with a 4-MW power purchase agreement, was awarded in December 2014 and was transferred to Minas Tidal LP.
Tribute will benefit from Tocardo’s eight T2 turbines deployed in The Netherlands at the Eastern Scheldt storm surge barrier (Deltaworks) and an existing contract for turbines at the European Marine Energy Centre (EMEC).
In February 2016, Tocardo signed an agreement with EMEC for a 20-year pre-commercial array during which time Tocardo would install eight T2 turbines across two EMEC systems at the Fall of Warness, located in the Orkney Islands of Scotland.
According to EMEC, in 2016 the European Commission awarded just over $4.1 million to support tidal energy testing and demonstration in Orkney waters under the Fast Track to Innovation scheme. Part of the funding went to the InToTidal project, which will demonstrate integrated deployment solutions for Tocardo’s tidal turbines.