Atlantis Resources has signed a 10-year seabed sublease with the Fundy Ocean Research Centre (FORCE) in Nova Scotia.
The sublease will provide Atlantis with a berth for tidal turbine deployment in the Bay of Fundy within the area allocated to FORCE under its head lease agreement.
Subsea electrical cables are currently being laid to each of the four berths at FORCE and will provide offtake capacity back to its onshore substation near the town of Parrsboro.
Atlantis Resources plans to deploy a single 1.5MW AR-1500 tidal turbine system, which will have energy to power 750 homes.
The company is currently working with FORCE to determine optimal co-ordinates for deployment of its turbine.
Earlier this month the company raised £5million in shares which will be used to help fund the work.
Tim Cornelius, chief executive of Atlantis, said: “We are very pleased to have concluded agreements with FORCE and the Nova Scotia Department of Energy, securing a berth to deploy tidal stream turbines and deliver clean predictable power to the residents of Nova Scotia.
“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.”
The sublease was granted following conclusion of a $5million grant agreement with Sustainable Development Technology Canada and a project agreement with the Nova Scotia Department of Energy, which was signed in October 2014.
Deployment of the turbines have been planned for late 2016.
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