Nova Scotia-based start-up Luna Ocean Consulting has received funding through Innovacorp’s Blue Solutions competition to further advance its tidal energy technology.
The C$50,000 ($40,000) funding award will serve Luna Ocean to advance its data collection techniques and analysis software to better assess water flows for tidal energy projects.
The information collected through the technology is used to optimize tidal turbine locations and power outputs, reduce turbine failures, improve energy predictions, and decrease operational costs, according to Innovacorp.
Blue Solutions , supported by Innovacorp and the Atlantic Canada Opportunities Agency, is a competition to find innovative solutions to problems in the ocean sector.
It also aims to build on the increasing ocean technology development across the region and ignite the start-up community in Nova Scotia.