Black Rock Tidal Closes US$10.5 Million Financing

Black Rock Tidal Power, a Schottel Hydro subsidiary, has closed US$10.5 million in private equity investment for its platform destined for Nova Scotia’s tidal energy test site off Parrsboro.

The equity investment will be leveraged by an additional CAD$4.5 million commercial loan.B lack Rock Tidal set up a project company to take over its Triton tidal energy platform once fully commissioned for CAD$15 million. The funders include Inerjys Ventures, Schottel Group shareholders and Singapore-based Envirotek.

Triton is a floating platform carrying a number of Schottel Instream Turbines that generate up to 2.5 megawatts from tidal currents. The device is planned to be installed in autumn 2016 at the BRTP berth at the Fundy Ocean Research Centre for Energy in Canada. FORCE provides an infrastructure to its four berth holders including a substation, grid connection, sea cables and a fully consented site.

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