U.S.-based Verdant Power recently promoted Chief Financial Officer John Banigan to chief executive officer.
Banigan, who will remain CFO of the company, succeeds David Sharpless, who served as interim CEO from 2013. Sharpless will continue to serve as a director within Verdant Power.
Banigan has senior management experience with Chemical Bank and HSBC — one of the world’s largest banking and financial services organizations. He holds a bachelor of science in International Economics from Georgetown University.
In December 2015, the U.S. Energy Department announced Verdant Power is one of six organizations selected to receive up to US$10.5 million to support the design and operation of innovative marine and hydrokinetic (MHK) systems through survivability and reliability-related improvements.
Verdant Power will complete their TriFrame foundation, which optimizes turbine spacing and support structures to allow for cost-effective marine installation, operations and maintenance. This will provide a way to deploy three turbines together as a single system and make it possible to retrieve all three turbines with one on-water operation.
In March, Verdant Power partnered with Belleville Duggan Renewables Ltd. to develop commercial tidal energy projects at sites in Ireland and the United Kingdom under the joint venture Verdant Isles Ltd. In parallel with developing sites in Ireland and the UK, Verdant Isles plans to establish a manufacturing base in the region that will become part of a global supply chain for marine energy devices.