Occurrent Power Inc. (formerly known as BigMoon Power), Bankruptcy

Occurrent Power Inc. (formerly known as BigMoon Power), a Nova Scotia-based tidal power company, assigned itself into bankruptcy earlier this month listing assets of nearly $14 million and liabilities of approximately $35.7 million.

The company had hoped to harness the tides of the Bay of Fundy to generate electricity, having secured a test-site berth at the Fundy Ocean Research Centre for Energy (FORCE) and a lucrative power purchase agreement with Nova Scotia Power.

In May, the company’s CEO said the company needed to raise more money and it was not clear when its floating turbine would be installed. In addition, the company appears to have struggled to meet the terms of its berth agreement, which required it to remove a 1,300-tonne tidal turbine from the ocean floor that had been abandoned by OpenHydro, another company that went bankrupt in 2018.

MNP is the bankruptcy trustee.