DP Energy plans to submit an application to use a Bay of Fundy testing site in Nova Scotia for its tidal energy device.
During the Marine Renewables Canada annual marine energy conference, Managing Director of the company Simon de Pietro said that funding large-scale wave and tidal projects will not be easy, the Irish Independent reports.
Mr. de Pietro said that the investors want proven technology and projects, and that they are reluctant in funding the technology that’s never been deployed on a commercial scale.
“We need confidence and political support and investors want something that works,” he added.
DP Energy has developed 11 wind farms in Ireland, and it is also working in other parts of the world, but they consider that it is difficult to find funding for tidal energy projects.
Mr. de Pietro was quoted as saying: “We know what banks say – put it in the water and when it’s running we’ll talk. Tidal energy is expensive and the technology unproven. It’s challenging and difficult. There’s not that many utility companies looking for projects and that’s a difficulty.”
At the end of the conference Chairman of Marine Renewables Canada, Doug Keefe concluded that the key for developing the industry is collaboration between companies, and he invited firms to test their devices in the Bay of Fundy in Canada.
Subsea World News Staff, November 28, 2013; Image: DP Energy