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New tidal company to develop projects in Canada
Energy company Tribute Resources has established a new firm named International Marine Energy (IME) to develop tidal power projects in Canada and internationally.
By Heba Hashem on Dec 12, 2014
Tribute has already sold a 50% interest in IME toMark and Chad Himmelspach and related entities. The new company was initially funded by cash share contributions from each of Tribute and Himmelspach.
IME has now acquired Tribute’s interests in Western Tidal Holdings in consideration for milestone payments based upon the success of future developments in British Columbia, as well as an interest in Fundy Tidal and its projects in the narrows between the Bay of Fundy and Saint Mary’s Bay in Nova Scotia.
IME and Tribute have also established Quémar Grand Nord Inc., a wholly owned subsidiary of IME, to focus on researching tidal project opportunities in Northern Portion of the Province of Québec with a view to utilizing this experience in Northern Québec for application in other cold weather environments.