ORPC announced today that it has secured a $20 million investment commitment, with an additional $5 million second closing this fall, from a consortium led by Canadian Shield Capital in alliance with Hatch.
The Weather Channel will feature ORPC's award-winning, clean, renewable RivGen® Power System, which produces energy from free-flowing rivers and tidal currents, enabling northern communities to reduce their dependence on diesel fuels.
ORPC has submitted a preliminary permit application to the Federal Energy Regulatory Commission. ORPC proposes to initiate the process towards installing a tidal energy project at East Foreland, Cook Inlet, Alaska. Once the project is functioning, ORPC will collaborate with Homer Electric Association, Inc. (“HEA”) to sell it the tidal energy produced.
ORPC has been selected by the Maine International Trade Center (MITC) as Innovator of the Year.
ORPC, Inc. and its subsidiary ORPC Ireland are partnering with a European consortium to create a new generation of marine renewable energy turbines that increase reliability and performance while reducing manufacturing costs.