Atlantis Resources Ltd has signed a 10-year (extendable) seabed Sublease with the Fundy Ocean Research Center for Energy in Nova Scotia, Canada (FORCE).
The Sublease provides Atlantis a berth for tidal turbine deployment in the Bay of Fundy, within the demised area of seabed allocated to FORCE under its Head Lease Agreement with Her Majesty the Queen in Right of the Province of Nova Scotia. Subsea electrical cables are currently being laid to each of the four berths at FORCE, providing offtake capacity back to the FORCE’s onshore substation, near the town of Parrsboro, NS.
The Sublease was granted following conclusion of a C$5 million Grant Agreement with Sustainable Development Technology Canada, which was signed in June 2014, and a Project Agreement with the Nova Scotia Department of Energy, which was signed in October 2014.
Tim Cornelius, Chief Executive of Atlantis, said: “Canada in general, and the Bay of Fundy in particular, offer world class tidal energy resource to which our turbine technology is ideally suited. We have been supported in this project by Sustainable Development Technology Canada and I would like to extend my thanks to all parties involved for bringing this project to fruition.”
Under the planned project, Atlantis intends to initially deploy a single 1.5MW AR-1500 tidal turbine system – enough to power up to 750 local homes. Atlantis is currently working with FORCE to determine optimal co-ordinates for deployment of its turbine. The company intends to open a project office in Halifax in early 2015, with turbine deployment operations planned for late 2016.
Press release; Image: Atlantis Resources