Weekly Intelligence Brief

OpenHydro bags grant worth €2 million

15 October 2009

Irish energy technology company OpenHydro has bagged a grant of up to €2 million under Sustainable Energy Ireland’s (SEI) Ocean Energy Prototype Research & Development Programme.

The grant will help OpenHydro towards the design and development of its 16m Open-Centre Turbine, Subsea Base and Installation Barge used in the deployment of OpenHydro’s technology.

OpenHydro recently shipped a 10-metre (1MW rated) Open-Centre Turbine from its Technical Centre on the shores of Carlingford Lough to the Bay of Fundy in Canada for utility company, Nova Scotia Power. The turbine will be deployed in the Minas Passage of the Bay of Fundy this fall as part of the FORCE tidal test site. Testing will last up to two years.

The company has also initiated a funding round to raise €30million from existing shareholders and new investors.

The Fund is part of the Government’s National Strategy for Ocean Energy.

The main objective of the Prototype Development Fund is to stimulate the development and deployment of ocean energy devices and systems. The emphasis is on industry-led projects to develop and test wave and tidal energy capture devices and systems; Independent monitoring of projects/technologies; Industry-led R&D aimed at the integration of ocean energy into the electricity market and the national electricity grid (and network);

Read more:

OpenHydro: http://social.tidaltoday.com/search/node/OpenHydro

Nova Scotia: http://social.tidaltoday.com/search/node/Nova+Scotia