Ocean Renewable Power Company

Overview
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Ocean Renewable Power Company (ORPC) focuses on renewable energy generation using tides and river currents. ORPC’s patented turbine generator unit (TGU) is the core technology component used in all ORPC power systems. ORPC has developed two power generation systems, namely, TidGen and RivGen. 

The TidGen power system generates electricity from tidal currents and connects directly to existing grids. In 2012, ORPC launched a pilot tidal energy project in Maine, which was the first grid-connected tidal energy project in North America at that time. In 2023, ORPC deployed a single-turbine version of the TidGen Power System at its Cobscook Bay test site in Eastport and Lubec, Maine. The company intends to carry out a full-scale device validation in 2024 to 2025. ORPC also plans to install TidGen devices at other deep-water sites in Alaska’s Cook Inlet, Canada’s Bay of Fundy, Europe, the Philippines and Indonesia.

The RivGen power system generates electricity from river currents and connects directly to existing remote community grids. In 2014, ORPC launched its first river energy project, delivering power to the remote Alaskan village of Igiugig. The company is also developing a modular version of its RivGen device. In October 2022, ORPC launched its first RivGen device in Canada at the Seven Sisters Falls, Manitoba.

Key customers and partnerships

In April 2022, ORPC partnered with Matanuska-Susitna Borough to test the RivGen Power System at the Upper Cook Inlet industrial and commercial port facility of Port MacKenzie.

In May 2022, ORPC partnered with Millinocket Fabrication & Machine to manufacture the turbine shafts for its products. In July 2022, ORPC partnered with Our Katahdin to test the Modular RivGen power system in Millinocket, Maine. In December 2022, ORPC partnered with Schneider Electric to install microgrid systems that include Schneider Electric’s energy storage and smart microgrid controllers integrated with ORPC’s RivGen Power Systems.

In October 2023, ORPC signed a contract with Shell Technology’s Marine Renewable Program to provide two RivGen devices for a technology demonstration at a Shell facility on the Lower Mississippi River in 2024.

Funding and financials 

In August 2021, ORPC secured a USD 20 million investment commitment, with an additional USD 5 million second closing later in 2021, from a consortium led by Canadian Shield Capital in alliance with Hatch. The intended to use the funds to finance its growth including the installation of multiple devices in its targeted markets. ORPC also planned to improve its sales and marketing capability, supply chain and engineering expertise, and front office services. Prior to this, the company raised  USD 7.5 million in November 2019 to finance marketing and sales efforts.


HQ location:
254 Commercial Street Suite 119B Portland ME USA
Founded year:
2004
Employees:
11-50
IPO status:
Private
Total funding:
USD 42.6 mn
Last Funding:
USD 20.0 mn (Private Equity; Aug 2021)
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