ORPC Eyes New Funds through Netcapital
- Business & Finance
US-based hydrokinetic developer Ocean Renewable Power Company (ORPC) is raising growth capital through an offering launched on private securities platform Netcapital.
The offering is primarily directed at impact and institutional investors, but a portion of it has been reserved for Main Street investors under the U.S. Securities and Exchange Commission’s Crowdfunding rules adopted under the Jumpstart Our Business Startups (JOBS) Act.
“We feel strongly that democratizing investment in early stage, growth companies is in keeping with our core values as it allows anyone to make an investment in ORPC,” said Chris Sauer, ORPC Chairman, CEO and Co-founder. “With our current technology, we estimate our total addressable market is almost $480 billion.”
ORPC power systems are built around its patented core technology, the turbine generator unit or TGU. This unit consists of multiple cross-flow turbines and an underwater generator connected to a single driveshaft, which can be submerged in water as shallow as 5 meters deep. As water currents pass through the TGU, they rotate the turbines and generator, producing electricity. This power is then transmitted through an underwater cable to an on-shore interconnection point.