Ocean Renewable Power Company, Inc. (ORPC) reports it has closed on commitments for $7.5 million in private equity, allowing it to expand its business development and sales focus in the U.S., Canada and Chile, and, according to management, position the company for growth and profitability.
“With our first commercial product launched, we are thrilled to secure the growth capital needed to expand our business development and sales efforts in a strategic and aggressive manner,” said ORPC Chief Executive Officer and Co-founder Chris Sauer. “We are also very pleased to welcome substantial, first-time investors to our ownership group.”
ORPC launched its first commercial product, the RivGen Power System, in July in the remote village of Igiugig, Alaska, where the system was installed and is now operating in the Kvichak River. The company plans to install a second RivGen device, along with smart microgrid controls and electronics, and an energy storage system, next year, creating a renewable energy solution that ORPC estimates will reduce the community’s diesel fuel use by 90%.
ORPC says it is receiving strong interest from other remote communities and facilities in the U.S., Canada and Chile that have no access to regional power grids or fuel pipelines and are seeking lower cost, sustainable energy solutions. Research indicates that 700 million people worldwide live in remote communities that rely solely on environmentally risky, high-cost diesel fuel to power their homes. ORPC provides a sustainable solution that combines the company’s patented power systems with smart grid electronics and energy storage, creating what the company believes will be the no-carbon microgrids of the future.
This new capital will allow ORPC
to take advantage of its significant market opportunities, according
to a press release.
ORPC reports it is the only company to have built, operated and delivered power to a utility grid from a tidal energy project (in Maine) and to a remote community grid from a river energy project (in Alaska).