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9/13/10 - Ocean Renewable Power Co. Awarded $10 Million in US Dept Of Energy Grant

from Smart Energy News.

Portland, Maine – Maine Governor John E. Baldacci announced on Thursday that the U.S. Department of Energy has awarded Ocean Renewable Power Co. (ORPC) a grant of $10 million to fund a commercial-scale tidal energy development project in Cobscook Bay, which opens to the Bay of Fundy.

ORPC is partnering with the University of Maine and the U.S. Coast Guard on the project. The company has also received financial support from the Maine Technology Institute.

In the 1930s, Cobscook Bay was part of the Quoddy Project to generate electricity from its tidal flow, but that project was aborted.

Founded in 2004, ORPC develops projects that use river and ocean energy to produce electricity. In Maine alone, the company says, its projects have already brought nearly $5 million into the state economy, and have created or sustained more than 70 jobs. ORPC said it expects potential investment in tidal energy to reach $1 billion or more in both Maine and Alaska in the next five to seven years.

In July 2010, ORPC was awarded $750,000 from DOE to refine “cross flow” turbine technology to be used in underwater generators.

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