Schottel Hydro subsidiary, Black Rock Tidal Power (BRTP), has raised C$15 million (US$11.5 million) for investment in its 2.5-MW TRITON floating marine hydrokinetic energy platform.
The company secured a $4.5 million commercial loan and an additional $10.5 million in private equity from investors that include Canada’s Inerjys Ventures, Singapore-based Envirotek and Schottel Group shareholders, according to a Schottel Hydro press release.
In 2014, Schottel said BRTP would initially install 16 of its “STG” generating units in Spring 2016 at the Fundy Ocean Research Centre for Energy (FORCE) in Canada, giving the project an output capacity of 1.1 MW. The company will add an additional 20 STG units in early 2017.
Together with the berth at FORCE, BRTP has been awarded a developmental tidal feed-in tariff (FIT) and respective power purchase agreement with Nova Scotia Power.
A special purpose vehicle will operate the device during the 15 years duration of the FIT. The device will generate electricity and feed in into the North American power supply system.
“The successful closing of the equity finance in our project sets the path for further TRITON projects in the Bay of Fundy and globally,” said Sue Molloy, BRTP general manager.
“This is good news for the tidal industry in Nova Scotia and an important step towards proving the commercial viability of our technology and of tidal energy in general. The Province of Nova Scotia has shown great commitment to the tidal industry by setting up FORCE and by establishing the developmental FIT.”
“Inerjys is convinced that Schottel Hydro and Black Rock Tidal Power offer the most cost-effective tidal energy technology at a growth stage and for future large-scale projects,” explains Stephan Ouaknine, managing partner at Inerjys. “Furthermore, Inerjys is partnering with Schottel Hydro on a growth equity round. This hybrid investment strategy insures commercialization for the product, company and efficiency for projects.”
BRTP will start to market the second 2.5 MW project, soon, for which the FIT and power purchase agreement are granted. Furthermore, Schottel Hydro and its subsidiaries BRTP and TidalStream have developed a robust global project pipeline.