Ocean Renewable Power Co., which has developed technology that generates electricity from ocean tides and river currents, has received a $200,000 grant from the federal government to fund research and development around a marine renewable energy project being developed in Alaska.
Specifically, the grant will allow ORPC to advance the development of a tidal-powered energy storage system that aims to provide a renewable electricity to the rural community of False Pass, Alaska. If the project is successful, it could help commercialize the technology for deployment in rural communities worldwide.
The company is already involved in one project in Alaska. The Federal Energy Regulatory Commission recently approved the final installation and operation of a river marine renewable energy project using ORPC’s RivGen power system in Igiugig, Alaska, under a pilot permit.
ORPC has raised approximately $90 million since it was founded in 2004. Of that amount, approximately $41 million has been in the form of government and foundation grants, according to information the company shared as part of its current equity crowdfunding campaign. It posted a net loss of $2.5 million in 2018 on revenue of $2.7 million, according to its audited financials.
The Phase I grant came from the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy’s Small Business Innovation Research Program (SBIR). The June 5 announcement was made by U.S. Sens. Susan Collins and Angus King, co-chair of the Senate Arctic Caucus and a member of the Senate Energy and Natural Resources Committee.
“ORPC is a global leader in marine, renewable energy, and this funding will accelerate the company’s efforts to help rural communities utilize more environmentally-friendly energy sources,” said Sens. Collins and King. “This project reflects the forward-thinking approach of Maine’s business community, who are always striving to advance new, innovative ways to generate clean and renewable energy.”
