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.