As per the agreed terms, Offshore Energy Research Association of Nova Scotia and Technology Strategy Board will jointly work to improve the technology that is required to generate electricity using high tides.

Both the partners will each inject $250,000 towards the initiative, as well as managing the majority of the work associated with the memorandum.

Canada Energy Minister Andrew Younger said that bringing together tidal energy leaders from Nova Scotia and the UK will help advance efforts to harness the power of Fundy tides.

"Collaborating on tidal development will help us save money and increase our research capacity. It will also create opportunities for businesses and researchers in both Nova Scotia and the United Kingdom," added Younger.

Offshore Energy Research Association of Nova Scotia stated that the partnership with Technology Strategy Board will provide access to its network and will contribute to the development of new technologies, by facilitating the creation of renewable energy companies, and stimulate future exports from the province.