Ocean Renewable Power, looking to raise $12M for ocean power

November 26, 2007 | Matt Marshall

Ocean Renewable Power Co., a Fall River, Mass. company that uses ocean waves to generate electricity, is about to launch its first pilot turbine, and is reportedly in the process of raising $12 million in financing.

The news, reported this morning by VentureWire (subscription required), comes at a time when other efforts to do something similar have failed.

The three-year-old company expects to begin testing its underwater turbine prototype off the coast of Eastport, Maine, by the end of the year.

The company’s pilot is expected to generate about 14 to 25 kilowatts of electricity, but the company wants to reach a significant 20 megawatts within four years — which would consist of a number of turbines stacked together, VentureWire said.

The company said it will eventually require $40 million.

Next Story: Mobius Microsystems raises $10.22M
Previous Story: Pay By Touch gets $9M emergency infusion, trial set for next month

Twitter

Facebook

Google Buzz

Digg

StumbleUpon

Delicious

Google

More...

About the Author, Matt Marshall

Matt launched VentureBeat in September of 2006, with the realization that no one else was covering the entrepreneurial and tech innovation scene with the velocity or depth that he was. Prior to founding VentureBeat, he covered venture capital for the San Jose Mercury News from 2001 to 2006. In 2002, Matt was awarded "Journalist of the Year" by the Northern California Society of Professional Journalists. Prior to working at the Merc, he was a correspondent for the Wall Street Journal in Bonn, Germany from 1995 to 1998, and a writer for the Washington Post in 1994. Matt holds a PhD in Government and an MA in German and European Studies from Georgetown University. In addition to VentureBeat, Matt is also the Executive Producer of DEMO, the leading launchpad event for emerging technologies.