Portland’s Ocean Renewable Power Co. company has bagged $7.5 mn by private financing. This came after the company acquired around $4 mn federal grant for developing its power technology to harness power from tides and rivers.
The company has supposedly received more financial banking than ever. Private funding of US$7.5 mn was received a week after receiving the federal grant of US 4 mn. The Portland company will now be able to develop business and sales in Chile, Canada, and the United States.
Chris Sauer, co-founder and CEO said that he is thrilled to bag the capital growth needed for expansion of his business development. It is the company’s first commercial product launch. He is also pleased to welcome first time substantial investors in their ownership group. He has denied to disclose the investors for now and has only said that they are out of state private individual funders.
Ocean Renewable Power Co. was awarded a grant of US$3,875,859 by the Department of Energy on November 1, 2019 to develop its RivGen system that utilizes submersed turbines in river to generate electricity. This technology will cater the need of renewable, carbon free electricity in Kvichak, a remote village near Alaska.
The grant will be qualify the company to significantly grow. The company also plans to install another RivGen device accompanied by energy storage system and smart microgrid electronics and controls that will create a solution for reducing host community’s diesel fuel by 90 percent.
The company is now receiving market interest from various remote facilities and communities in Chile, Canada, and U.S.A. that lack access to its regional fuel pipelines or power grids. These communities are desperately seeking cost efficient sustainable energy solutions.
Ocean Renewable Power Co. was the first U.S. company to cater tidal turbine electricity grid. During last spring, the company at Brunswick Landing celebrated launch of its marine renewable power system, where RivGen system was developed.