Business
Emera invests $15 million in OpenHydro Group Limited
HALIFAX, Feb. 20 /CNW/ - (TSX - EMA): Emera Inc. has invested (euro) 10.2 million (C$15 million) ...
About this update from Emera Incorporated
[{"type":"text","content":"\n\n\n\nHALIFAX, Feb. 20 /CNW/ - (TSX - EMA): Emera Inc. has invested\n(euro) 10.2 million (C$15 million) to acquire a 7.4% interest in OpenHydro\nGroup Limited, an Irish renewable tidal energy company. OpenHydro designs and\nmanufactures marine turbines for harnessing energy from tidal currents under\nthe world's oceans - silently and invisibly generating electricity at no cost\nto the environment.\n\n\n"This is an exciting opportunity for Emera to invest in a company that is\ndeveloping new technology for the growing world renewable energy market," said\nEmera CEO Chris Huskilson. "This investment is a manageable first step and\npart of Emera's Renewable Energy Strategy."\n\n\nOpenHydro has developed a unique Open-Centre Turbine technology that is\nenvironmentally friendly. Its commercial scale test turbine is operating at\nthe European Marine Energy Centre in Orkney, Scotland.\n\n\nNova Scotia Power, an Emera Inc. company, selected OpenHydro's\nOpen-Centre Turbine technology in 2007 for deployment in a tidal energy\ndemonstration project in the Bay of Fundy. The Province of Nova Scotia\nrecently announced that the technology proposed by Nova Scotia Power and\nOpenHydro is among those that will be tested in the Bay of Fundy starting in\n2009. The Nova Scotia Power-OpenHydro demonstration project has been approved\nfor funding from Sustainable Development Technology Canada (SDTC), a\nnot-for-profit corporation created by the Government of Canada that provides\nfunding to emerging clean technologies.\n\n\nEmera will hold one seat on OpenHydro's seven member Board of Directors.\n"We are very pleased to have Emera join our team," said Brendan Gilmore,\nChairman, OpenHydro Group Limited. "Their operational knowledge and expertise\ncomplement our existing skill set very well. Together, we can build on\nOpenHydro's future program for tidal farms, silently and invisibly generating\nrenewable energy under the world's oceans."\n\n\nEmera will finance the acquisition from its balance sheet. The\ntransaction closed today, February 20, 2008\n\n\nForward Looking Information\n\n\nThis news release contains forward-looking information. Actual future\nresults may differ materially. Additional financial and operational\ninformation is filed electronically with various securities commissions in\nCanada thr...