Asset management firm Tudor Group and affiliated funds have invested $7.5 million in tidal energy project developer Verdant Power Inc. and eventually could invest another $7.5 million in the company.
Verdant announced it closed a Series A funding round with a $7.5 million investment from Tudor Group, which consists of Tudor Investment Corp. and affiliates. A second investment, or tranche, in the form of warrants Tudor could exercise within 18 months, would bring Tudor’s total investment to $15 million.
Verdant is developing the 10-MW Roosevelt Island Tidal Energy (RITE) project in New York City’s East River. The New York State Energy Research &Development Authority has invested more than $2 million in the project. (HNN 6/19/06)
The first six 37-kW turbines for the RITE project are to be deployed from October-February 2007. Test results from those units will be used to prepare a license application for submission to the Federal Energy Regulatory Commission. The RITE project eventually could deploy hundreds of free-flow tidal power turbine-generators below the river’s surface.
Verdant said it also is developing projects in Canada, Brazil, and the United Kingdom. The company also is considering sites in New York and California in the U.S., and in China and India.