Press Release June 2025
Oceanetic Power Corp. Launched – Combining Acquired Assets of Floating Tidal Power Platform Ocurrent With Leading Technology Developed By Waterotor Will Now Be the Largest Tidal Energy Producing Vehicle in the World
June 10, 2025 – Ottawa – Oceanetic Power Corporation has acquired the key assets of former tidal power developer Ocurrent Energy. The marine vessel known as The Falcon is now owned by Oceanetic and will be retrofitted with leading-edge technology of Waterotor to produce more energy, more efficiently and more cost-effectively.
Originally built for $14 million, The Falcon was successful in attaining all Federal permits and a power purchase agreement from the Government of Nova Scotia before the company went bankrupt. By retrofitting the Falcon vehicle with Waterotor’s 3 MW rotor, Oceanetic’s new vehicle will be able to harness hydrokinetic energy from the Bay of Fundy in Nova Scotia even when there is relatively little water movement, but also produce up to three megawatts at peak times, making it the largest tidal energy producing vehicle in the world. The advanced Waterotor energy producing rotor is a breakthrough technology, capable of capturing excessive energy from slow, moving water, and producing low-cost electricity. (Waterotor.com)
The improvements to the Falcon will be completed over the next few months. Oceanetic will use this new technology and the fact it it is already fully permitted, combined with the financial strength of the new company, to bid into an expected new procurement from the Government of Nova Scotia to provide electricity from tidal technology to the people of Nova Scotia.
The additional advantages of the Falcon include the high percentage of power capture from the tidal movement, plus the fact that there is no danger or harm to the environment, including no harm to fish and sea mammals.
For further information: Oceanetic power corp. OPC (OceaneticPower.com)
Jonathan Paquette, Vice-President and 613-747-2460
