Company seeks investor for Gulf Stream ocean energy project

Gulf Stream Turbines LLC is seeking a company or group of investors to license its ocean energy technology.

Each of the company’s Gulf Stream Turbines is equipped with two 600-kW turbines and two generators that rotate in opposite directions to neutralize torque on the unit. The submersible units would be tethered to the ocean floor.

The kinetic energy in the Gulf Stream is relatively steady, meaning turbines placed in the stream can continuously generate power at near their theoretical capacities, the company says. In fact, each unit theoretically will generate 8,941,300 kilowatt-hours (kWh) of electricity annually, operating at 85 percent of theoretical capacity, the company says.

In addition to producing revenue from the sale of the electricity, installation of these units in a renewable energy facility would make the company eligible for a government production tax credit of 2.1 cents per kWh for the first ten years of operation, Gulf Stream Turbines says.

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