Utility holding company Emera Inc. announced it invested C$15 million (US$14.8 million) to acquire a 7.4 percent interest in OpenHydro Group Ltd., an Irish tidal energy company developing a project in Nova Scotia’s Bay of Fundy.
Emera will hold one seat on OpenHydro’s seven-member board of directors through the transaction, which closed Feb. 20.
Nova Scotia Power, an Emera subsidiary, selected OpenHydro’s Open-Centre Turbine technology in 2007 for deployment in a tidal energy demonstration project in the Bay of Fundy. The province of Nova Scotia subsequently announced the technology proposed by Nova Scotia Power and OpenHydro is among several that will be tested in the Bay of Fundy starting in 2009. (HNN 1/11/08)
OpenHydro, a designer and manufacturer of marine turbines, holds world rights to the Open-Centre Turbine technology. The company’s commercial-scale test turbine is operating at the European Marine Energy Center in Orkney, Scotland.