Company News

Verdant Power Selects Chairman and New Board Members as it Transitions from a Family-backed Firm to an Institutionally Backed Enterprise

New Directors Join the Board under a New Chairman as it Focuses on Global Commercialization  

New York, NY, March 4, 2021 – As Verdant Power advances from an early-stage venture to a growth stage firm, the Company has appointed a new Chairman and four additional members to its Board of Directors.  The individuals bring wide ranging and diverse senior level experience to Verdant Power.  They will contribute to the Company’s ongoing development and execution of its efforts to further its vision for the future and support the Company’s management’s execution of it.

In addition, Verdant Power has announced the appointment of Chief Executive Officer and Director John T. Banigan to succeed Joe Klein as Chairman of the Company’s Board of Directors. The Company commended and thanked Mr. Klein for his 11 years Board service, which saw the Company’s development to its current state.  Mr. Klein has agreed to continue to serve as a Director of the Company.  Mr. Banigan commented that: “The addition of our new Board members will meaningfully contribute to Verdant Power’s plan to install up to 2,000 megawatts of marine renewable energy around the world within this decade.  We thank our critical employees—who together have worked so hard to bring the Company to this stage of development and their support to our Board to date.  We are confident that the Verdant Power team track record of working well with the Verdant Power Board in contributing to addressing the critical challenges of global climate change will continue.”  More >

NEWS BRIEFS:

Verdant Power’s New York City Tidal Turbines Exceed Expectations

Verdant Power’s one-half scale demonstration project, of a grid-connected array of three, five-meter diameter rotor tidal power turbines, has performed excellently and exceeded expectations during the three months since deployment.  The turbines, deployed on a single TriFrame™ mount at the Roosevelt Island Tidal Energy (RITE) Project site in the East River, have performed at 100 percent availability. This high reliability is critical to cost-competitive green energy. More >

Three Verdant Power Tidal Turbines Installed in New York City's East River

Verdant Power installed an array of three tidal power turbines at its Roosevelt Island Tidal Energy (RITE) Project site in the East River.  The RITE Project activity is a technology demonstration of Verdant Power’s fifth-generation tidal power system and its novel TriFrame™ mounting system, which is the next step on a pathway to global commercialization and profitable commercial operations.  More >

Verdant Power Progresses toward an Autumn Installation of Tidal Energy Turbines in New York City’s East River

Verdant Power has successfully taken additional steps toward the installation of an array of its three, fifth generation (Gen5) tidal power turbines on the Company’s novel TriFrame™ mount at its Roosevelt Island Tidal Energy (RITE) Project site in New York City’s East River. The turbines were transported from the Company’s New Jersey marine engineering support services facility, where the turbines were assembled, to a marine vessel installation services area, where they have been integrated onto a Verdant Power TriFrame™ mount in preparation for on-water delivery and deployment at the RITE Project site.  In addition, the RITE Project Control Room on Roosevelt Island is being readied for the turbine system installation, which is planned for autumn 2020.  More >

EMEC to Assess Free Flow System Performance at RITE Project

The European Marine Energy Centre (EMEC) will provide an independent performance assessment of Verdant Power’s 5th Generation (Gen5) Free Flow System to be deployed at the RITE Project in 2020.  By independently measuring the system's performance, EMEC will add credibility to operational results and set a new standard for tidal energy technology developers to meet globally.  More >

Verdant Power Co-Founder Appointed to US Department of Commerce's Renewable Energy & Energy

Efficiency Avisory Committee

Trey Taylor, Verdant Power Co-Founder and Chief Marketing Officer, has been appointed by US Secretary of Commerce Wilbur Ross to serve a fifth consecutive term on the Department’s Renewable Energy and Energy Efficiency Advisory Committee (REEEAC).  The REEEAC is composed of senior private sector representatives that provide advice to the Secretary of Commerce on the development and administration of programs and policies to expand the export competitiveness of US renewable energy and energy efficiency products and services.  More >

Verdant Power Secures $6 Million Funding for Final System Demonstration at RITE Project

Verdant Power has received $6 million in funding for the next phase of its program to advance the development of the Company’s tidal power system and TriFrame mount at its RITE Project in New York City's East River.  The U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy (EERE) has approved $3M in co-funding support for the third phase of Verdant Power’s project that will qualify its tidal power system through to final test, demonstration and commercialization.  More >

Verdant Isles Ltd. Formed to Develop Tidal Energy Projects in Ireland and UK
Verdant Power has partnered with Belleville Duggan Renewables Ltd. to develop commercial tidal energy projects at sites in Ireland and the UK under the joint venture Verdant Isles Ltd.  Sustainable Energy Authority Ireland studies have demonstrated tidal current energy’s potential in Ireland as an economic driver and source of clean energy.  In parallel with developing sites in Ireland and the UK, Verdant Isles plans to establish a manufacturing base in the region that will become part of a global supply chain for marine energy devices.  More >

US Dept. of Energy Selects Verdant Power under $10.5 Million Award for Next-Generation

Marine Energy Systems
Verdant Power is one of six organizations selected by the US Energy Department to receive up to $10.5 million to support the design and operation of innovative marine energy systems through survivability and reliability-related improvements.  Verdant Power and project partners will work to complete the Verdant Power TriFrame™, which supports three Gen5 Free Flow System turbines together as a single system for cost-effective installation, operations, and maintenance (IO&M).  More >

Verdant Power Director Receives Prestigious '1906 Award'
The International Electrotechnical Commission (IEC) has awarded Verdant Power Director of Technology Performance Jonathan Colby with its prestigious 1906 Award.  The award is given annually to technical experts from around the world whose work has made significant contributions to the IEC and the electrotechnical industry.  More >

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