$300-million tidal power project planned
Seawater is 832 times denser than air, thus offering greater extraction efficiencies and power outputs, Blue Energy said. Image Courtesy of Blue Energy Canada A company specializing in private placement energy investments and a Vancouver, Canada-based tidal power firm has signed financing deals for what could become this year’s largest tidal power project using new technology.
In a statement, the companies said that tidal power company Blue Energy Canada Inc. has signed a memorandum of understanding (MOU) with energy investor World Energy Research to finance a 200-megawatt (MW) tidal power project. The project location is yet to be announced. The project is estimated to cost roughly NZ$500 million (US$300 million).
Blue Energy’s technology is found in its Davis Tidal Turbine, a vertical-axis tidal turbine developed out of two decades of research and development. The design includes four hydrofoil blades facing water flow that rotates a shaft connected to a generator located above sea level.
Wind Energy Research has been into project finance for oil and gas developments.
“With many World Energy investors expressing interest in putting their oil profits into sustainable energy projects, Chad Willis [the company’s managing director] systematically reviewed the field of tidal power developers and chose Blue Energy's resource driven tidal power design over the other adaptive technologies active in the exciting emerging tidal power sector,” the company said.
Based in Auckland, New Zealand, World Energy Research’s stated mission is “to create partnerships with leading energy companies on the forefront of technology, making the latest and most productive projects in the world energy market available to our investors.”
Seawater is 832 times denser than air, thus offering greater extraction efficiencies and power outputs, Blue Energy said on its web page explaining its concept.
BusinessWeek Magazine has reportedly listed Blue Energy's technology as the first in the top 20 important technologies of the next 10 years. It was developed by aerospace engineer Barry Davis.
“This is an exciting time for the marine energy sector and Blue Energy looks forward to implementing the efforts of 25 years of public awareness, market studies, engineering, and design into the commercialization of this game changing technology,” both companies said.
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Eric Dorente
Sources:
1 http://www.worldenergyresearch.com/NewsDetails.aspx?id=22
2 http://media.prnewswire.com/en/jsp/latest.jsp?resourceid=4018178&access=EH