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.