Emera has announced that it has formally notified OpenHydro and OpenHydro’s provisional liquidator (Grant Thornton) that it is withdrawing from its involvement in Cape Sharp Tidal, a joint venture established to develop and demonstrate tidal energy technology in the Bay of Fundy, located in Nova Scotia, eastern Canada.
Emera attributes this decision to OpenHydro's parent company Naval Energies' surprise application to Ireland’s High Court on 26 July requesting the liquidation of OpenHydro and Naval Energies’ subsequent statement that it will no longer support or invest in tidal turbines. These actions have left Emera with "no practical choice but to withdraw" from Cape Sharp Tidal.
Emera is a minority investor in Cape Sharp Tidal. The company did not own or develop the technology for this project, thus cannot continue the project without support from the technology developer, OpenHydro, to operate and maintain the technology and the turbine.
Emera claims to have repeatedly reinforced with Grant Thornton the need to continue environmental monitoring and safe operation of the deployed turbine and the importance of meeting all obligations of Cape Sharp Tidal and OpenHydro to local suppliers.
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