OpenHydro, the tidal energy development firm that made it’s third dunk to the bottom of the high flow Minas Passage in the Bay Of Fundy last week, has been embroiled in a series of disputes over the last two years according to today’s Business Post in Ireland.
A series of disputes over the last two years, presumably internal, but perhaps between the board and the five key managers who disclosed they could no longer pay the bills two days before the liquidation of Irish based OpenHydro reported in the Irish press last Thursday, adds another element to today’s front page story in the Halifax, headquartered Chronicle Herald.
OpenHydro Breakdown makes news
OpenHydro Ireland’s senior management claimed there had been a breakdown between them and the board of directors reported The Irish Examiner.
That conflict between the board and senior management supported the decision by the court, given the complex structure of the group, to appoint liquidators to secure assets worth in excess of 80 million Euros cited the Examiner.
The news came as a shock to the Irish OpenHydro Technical team in Canada, according to various sources in Parrsboro today.
More than one innkeeper said, “they pulled out suddenly. They left Thursday.”
“They weren’t supposed to leave until Sunday. The invoices we sent by email bounced back. Their emails had been shut down, their corporate credit cards cut off,” said a motel owner.
A visit to the substation parking lot today indicates commissioning had begun but was halted abruptly.
PHOTO to be uploaded later.
Today there was nobody in the Cape Sharp Community Relations office on Main Street in Parrsboro for their regular Wednesday interactions with locals. An email from Stacey Pineau, Cape Sharp spokeswoman, confirmed she would not be at the office in Parrsboro today.
OpenHydro Liquidation impact on local economy
One innkeeper said, “the impact OpenHydro has had on the local economy, the Nova Scotians who worked on the job, support vessels on the water as well–it’s in the millions.”
“The town of Parrsboro bent over backward for OpenHydro, changing reservations. It will affect other companies that come up here. They will have to pay cash up front,” added his business partner.”
“Most importantly it’s sad for the community. We need jobs here.”