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Print Edition StoriesThursday, March 18, 2010
Maine tidal power company pulls in $4M
By Mass High Tech staff
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Ocean Renewable Power Co. LLC, a Portland, Maine-based tidal power developer, has taken in $4 million in convertible debt, according to a filing submitted to the U.S. Securities and Exchange Commission on Wednesday.
ORPC generates electricity from tidal energy. The company reports on its website that it is working on getting federal licenses to add its power systems to such tidal and river sites as Western Passage in Maine and Cobscook Bay in Maine, as well as Cook Inlet and Nenana in Alaska.
ORPC was originally founded in Florida in 2004 as Red Circle Systems Corp., and aimed to use the Gulf Stream off the coast of Florida as the energy source for its underwater turbines. The company later switched to tidal power, and has been working on projects in both New England and the Pacific Northwest. It officially moved its headquarters to Portland two years ago.
Earlier this month, ORPC set up a 60-kilowatt unit in Eastport, Maine, called by the company “the largest ocean energy device ever deployed in U.S. waters.”
ORPC has taken in a number of grants from the Maine Technology Institute, including its most recent $806,000 funding that the company is using to beta-test its turbine generators.
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