Fundy Tidal Inc., Tocardo International BV and Tribute Resources Inc. Define Terms for Partnership tadmin
Fundy Tidal Inc., Tocardo International BV and Tribute Resources Inc. Define Terms for Partnership to Develop Tidal Power in Nova Scotia
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Ottawa, Canada/ Den Oever, Netherlands, November 22, 2013 /FSC/ – Tribute Resources Inc. (TRB – TSX Venture),Fundy Tidal Inc. (Fundy Tidal), and Tocardo International BV have defined terms for a strategic partnership to develop 3 MW of tidal power at three locations in the Bay of Fundy, Nova Scotia, Canada.
The partnership outlines terms for the proposed participation by TRB and Tocardo of a strategic interest in Fundy Tidal as well as the financing and development of the small-scale tidal Community Feed-In Tariff (COMFIT) projects awarded to Fundy Tidal by the Province of Nova Scotia.
Dutch based tidal turbine producer, Tocardo will work with Tribute to deliver the first stage of the project at Digby, Nova Scotia. This will include the installation of a 1.95 MW array of Tocardo T200 tidal turbines in the Digby Gut of the Bay of Fundy. Fundy Tidal will act as project developer, operator and retain a majority interest in the projects.
The projects represent a key milestone in the development of tidal power in Nova Scotia as envisaged by the policies of the Nova Scotia government. The Province has established several feed-in tariffs to encourage development of tidal power in the area. The COMFIT supports devices 500kW connected to the transmission system.
The terms also acknowledge and support Fundy Tidal’s commitment to establish testing & demonstration facilities in Digby County to be co-located with the infrastructure required for the COMFIT projects.
Tocardo will set up a tidal turbine assembly and manufacturing plant in Nova Scotia. “This new partnership accelerates our business and is a major step forward for Tocardo’s Canadian business, less than a year after establishing our Tocardo Canada office,” says Hans van Breugel, CEO of Tocardo.
About Fundy Tidal Inc.
Fundy Tidal is a Community Economic-Development Corporation (CEDC) based in Digby County, Nova Scotia established on Brier Island in 2006 as a result of local interest to generate marine renewable energy from the tidal currents of the Outer Bay of Fundy, Nova Scotia including Digby Gut, Grand Passage and Petit Passage. Fundy Tidal’s focus is small-scale tidal energy projects that involve community ownership and local benefits. Current activities include development of five tidal power projects through the Community Feed-In Tariff (COMFIT) program. Fundy Tidal received COMFIT approvals from the Province of Nova Scotia for projects in Digby County (1.95 MW in Digby Gut and 500 kW in each of Grand Passage and Petit Passage) and in Cape Breton (100 kW in Barra Strait and 500 kW in Great Bras d’Or Channel). Fundy Tidal also provide environmental and technical consulting services that enable sustainable development of renewable energy for marine communities.
For more on Fundy Tidal please see www.fundytidal.com.
About Tribute Resources Inc.:
Tribute is a Canadian publicly traded energy company incorporated under the Business Corporations Act of the Province of Alberta on May 15, 1997. Tribute’s primary focus is on adding value to shareholders by developing and maintaining a long-term interest in renewable energy projects and market-based priced underground natural gas storage assets in Canada. Tribute’s objective is to build a company capable of delivering and sustaining long-term per share growth by developing energy projects that will generate stable long-term cash flow when fully operational. Tribute’s business plan is to build upon its current asset base to identify, permit, develop, and construct projects that meet its threshold return criteria. Tribute creates value by identifying project opportunities, providing the expertise to develop the projects and maintaining an interest in the completed assets to build long-term stable utility quality cash flow from a strong and diversified energy related asset base.
Tribute recently acquired Western Tidal Holdings Ltd., a tidal developer operating in the coastal waters of British Columbia with 11 projects under active development with licensed tenure and accepted applications with the Ministry of Forest, Lands and Natural Resource Operations in B.C.. “The strategic partnership [with Fundy Tidal and Tocardo] will accelerate our commitment and our plan to participate in a project that will develop the first marine turbines operating sustainably in Canadian coastal waters. We are confident that much of the technical and operating experience gained on the East coast will be transferable to the West coast and are very excited about the prospect” remarked Jane Lowrie, President & CEO of Tribute.
For more on Tribute Resources please see www.tributeresources.com.
TOCARDO International BV is a Dutch company dedicated to delivering the best and most economical turbines to harvest energy from the world’s oceans and rivers. Over the past 12 years, Tocardo has had many successes in offshore engineering and the development of renewable ocean energy devices. The TOCARDO tidal and free-flow turbines can be compared to ‘underwater wind turbines': free-standing underwater units, generating energy from sea currents and tidal and river flows. TOCARDO turbines offer the lowest possible kWh price through minimized maintenance and maximized power generation technology. They are easy to install and have no or limited environmental impact.
TOCARDO has entered the renewable energy market with 100 and 200 kW turbines. This technology is proven and has been operating in a test centre in the Netherlands for almost five years in hostile currents of 4.5 m/s. The company is also developing a 500 kW and 1 MW offshore turbines.
For more information on Tocardo please see www.tocardo.com.
For more information, please contact:
Tocardo via Stampa Communications in London or Amsterdam:
+44 207 242 7814 / +44 7825 951 425
+31 20 4040 2630 / +31 6 5153 8889
Director of Business Development
Chief Financial Officer
Certain statements in this press release may include “forward-looking” statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of TRB to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as “may”, “will”, “expect”, “anticipate”, “project”, “believe”, “plan”, and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by TRB with applicable securities regulatory authorities. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of TRB to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
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Source: Tribute Resources Inc. (TSX-V: TRB) http://www.tributeresources.com
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Posted: November 22nd, 2013 under FSCWIRE.