The Government of Nova Scotia has announced budget for 2016-2017, which includes funding designated for the innovation in tidal power and electricity.
Nova Scotia is providing C$500,000 (~$395,000) for advancing the tidal energy sector in the province.
In 2016, Nova Scotia is expected to see the installation of one of the first large-scale grid connected tidal arrays by Cape Sharp Tidal that plans to deploy two tidal turbines at the Fundy Ocean Research Centre for Energy (FORCE) berth in the Minas Passage.
In the coming years, Nova Scotia is expected to see deployments from other companies, including Atlantis Operations, Black Rock Tidal Power, DP Energy, Minas Energy, and Fundy Tidal Inc.
By 2040, the tidal energy industry could contribute up to C$1.7 billion to Nova Scotia’s gross domestic product (GDP), create up to 22,000 full-time jobs, and generate as much as C$815 million in labour income, according to a study commissioned by the Offshore Energy Research Association of Nova Scotia (OERA).