Naval Energies has filed a petition with the High Court in Ireland for the liquidation of OpenHydro Group Limited and OpenHydro Technologies Limited, majority owner of the Cape Sharp Tidal demonstration project in the Bay of Fundy, Nova Scotia, eastern Canada. The Court appointed a provisional liquidator, Grant Thornton.
Naval Energies has also announced its decision to stop investing in the field of tidal turbines, due to the deterioration of the market. The company believes that maintaining its investments in the current climate would have led to the consumption of the company’s resources and thus weakened Naval Energies as a global actor in the Ocean Energy sector.
In the future, Naval Energies will focus its development on Floating Offshore Wind (FOW) and Ocean Thermal Energy Conversion (OTEC) technologies, which are receiving support from the public authorities.
Naval Energies has announced that Cape Sharp Tidal, a joint venture between its subsidiary OpenHydro and Emera Inc, has successfully deployed an in-stream tidal turbine and connected i...
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