A month ago, Irish tidal energy company OpenHydro lowered a 400-tonne underwater turbine into the Bay of Fundy.
Now it seeking 30 million euros (about $43 million) in new funding to expand its production capacity as well as take on new projects.
OpenHydro's tidal turbine sits on the seabed of the Bay of Fundy
The company confirmed in an e-mail that it is seeking to raise the money from new and existing shareholders.
So far, OpenHydro has raised approximately $80 million. Investors include Brendan Gilmore, a financial consultant and hotel investor, Pershing International Nominees, a London-based affiliate of the Bank of New York, and Davycrest Nominees, part of Davy Stockbrokers in Dublin, and Emera of Canada.
Early reports from the Bay of Fundy installation suggest the turbine is generating electricity, though it is not yet connected to the Nova Scotia power grid. The company also has a project underway in Washington State.
The challenge for tidal energy companies is to produce electricity at competitive costs.
