Ocean Renewable Power Company (ORPC) has closed on commitments for $7.5 million in private equity, allowing it to expand its business development and sales focus in the U.S., Canada and Chile.
The new deal comes a week after ORPC scooped up Department of Energy (DOE) grant of $3.8 million to develop innovative hydropower technology.
“ With our first commercial product launched, we are thrilled to secure the growth capital needed to expand our business development and sales efforts in a strategic and aggressive manner ,” said Chris Sauer , ORPC CEO and co-founder. “ We are also very pleased to welcome substantial, first-time investors to our ownership group.”
ORPC launched its first commercial product, the RivGen Power System , in July in the remote village of Igiugig, Alaska, where the system was installed and is now operating in the nearby Kvichak River.
The company plans to install a second RivGen device, along with smart microgrid controls and electronics, and an energy storage system, next year.