$5 million grant by the Canadian Government’s Sustainable Development Technology Canada (SDTC) fund towards a 1+ megawatt tidal energy project.

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Atlantis Resources Corporation, a world-leading marine energy company, has been awarded a $5 million grant by the Canadian Government’s Sustainable Development Technology Canada (SDTC) fund towards a 1+ megawatt tidal energy project in the Bay of Fundy, Nova Scotia.

The company will work together with Lockheed Martin and Irving Shipbuilding to customise, build, deploy and monitor their 1+ megawatt turbine at the Fundy Ocean Research Centre for Energy test site in the Bay of Fundy.

The project will marry Atlantis’ international experience in building and operating commercial scale tidal turbines, with the local expertise of Lockheed Martin Canada and Irving Shipbuilding.

“I am delighted that the Canadian Government has chosen to back this major project for the Canadian marine industry,” said Atlantis CEO, Tim Cornelius. “Together with our partners Lockheed Martin and Irving Shipbuilding, we can harness the powerful tidal resource in the Bay of Fundy to produce safe, clean, renewable energy for Nova Scotia and through that process develop the expertise, experience and infrastructure to be a resource for tidal energy projects across North America.”

“Our Government is doing its part to encourage innovation and the next wave of clean technologies to help protect our environment and create high-quality jobs,” said the Honorable Joe Oliver, Canada’s Minister of Natural Resources. “Investment in projects such as these demonstrates our leadership in driving a vibrant clean technology industry in Canada.”

Lockheed Martin, which has 225 full time employees in Nova Scotia, will be responsible for engineering design elements, production and procurement of major turbine components, and systems integration and testing.

Irving Shipbuilding, will oversee elements of fabrication and assembly of the device in conjunction with other local suppliers at its Woodside Industries facility. It is anticipated that skilled trades including burners, steel fitters, iron workers and welders will be required for the project once production begins.

“Canada is quickly becoming a leader in alternative energy development, and Lockheed Martin is proud to be working with top technology companies such as Atlantis to deliver affordable, reliable and responsible power generation to the region” said Rosemary Chapdelaine, president of Lockheed Martin Canada.

“SDTC is proud to add this project to its portfolio, now valued at more than $2 billion. When purchased and used by Canadian industry, the clean technologies developed by portfolio companies will enable a variety of sectors to increase their share of global markets,” said Dr. Vicky Sharpe, President and CEO of SDTC. “As Canada works to diversify its export markets, working with new trading partners in emerging countries, these innovative technologies will help make Canadian natural resources and products more globally attractive and competitive.”

“We’re pleased to see this significant Tidal Energy Project take an important step forward with today’s announcement of backing by the Canadian Government,” said Ross Langley, Vice-Chair of Irving Shipbuilding. “We look forward to putting the exceptional skills of the men and women of Irving Shipbuilding to work, contributing to clean, renewable energy for Nova Scotians.

Deployment of the Atlantis turbine is planned for summer 2015.

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