Ocean Renewable Power Company, a marine renewable energy company based in Portland, announced Monday that it had received a new $25 million investment. As per a news release, the finance comprises of a $20 million dedication with an extra $5 million completing this fall from the consortium that includes two Canadian companies. The investment is being led by Canadian Shield Capital, which is a private equity company based in Toronto, and Hatch, a worldwide engineering and professional solutions firm based in Mississauga, Ontario.
The fundraising round included existing Ocean Renewable investors as well. Ocean Renewable Power Company (ORPC) is a company that creates renewable energy systems that use power from tidal currents and free-flowing rivers. “With more than two years of actually operating history in the harsh river environment of Igiugig, Alaska, ORPC’s RivGen Power System has been able to generate growing interest from remote communities around the world to substitute their diesel generation mechanisms with our completely predictable, baseload renewable energy system,” according to ORPC Chief Executive Officer Stuart Davies.
“ORPC’s ability to react to our target market segments, which include communities ready to build more resilient and localized renewable energy sources, will be greatly enhanced by this new investment and the knowledge that the Canadian Shield and Hatch bring to the table.” The company’s efforts are in response to the world’s limited electricity access, affecting more than 2 billion people; 700 million of them depend on diesel to power their local networks.
The RivGen system built in Alaska by ORPC is the world’s longest-running hydrokinetic device, according to the company. The addition of a second device, along with an energy storage system and the smart microgrid controls, is predicted to lower the community’s fuel consumption by 60% to 90%.
ORPC’s pipeline of possible projects in South America, North America, Europe, and Africa is steadily developing. The funds will be used to fund future growth, including the deployment of multiple generation units in its markets, as well as developing sales and marketing capacity, engineering expertise and supply chain, and front office services, according to the business.
“We have been very impressed by the detail of the ORPC management team, who have put together such a thoughtful, staged strategy to bring their goods to market and to create wider adoption of this effective, yet virtually unutilized, CO2-free power source, starting with a set of the remote community and the off-grid diesel displacements,” stated Andrew Dunn, managing partner at Canadian Shield Capital.
ORPC claims that its cooperation with Hatch would assist accelerate market penetration by giving it access to Hatch’s worldwide delivery team, which has project expertise spanning 150 countries and nearly 100 years of hydropower and water management experience.