Verdant Power Secures $6 Million Funding for Final System Demonstration at RITE Project
U.S. Department of Energy authorizes its $3M matching funds for final test and demonstration
(September 2018) -- 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 in New York. 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.
In this process the Company is driving down the cost of tidal energy by improving installation, operation, and maintenance (IO&M) processes. This Phase 3 funding from EERE, which was authorized based on a Go/No-Go review scheduled at the completion of Phase 2 of the project, is part of an EERE Water Power Technologies Office initiative to help drive down the cost of energy. For example, mounting three tidal power turbines on a single triangular foundation optimizes turbine spacing for efficient operation and allows for installation as a single system, as well as retrieval with one on-water operation for cost-effective IO&M.
Rendering of TriFrame™ Installation at the RITE Project
During Phase 3, three Verdant Power 5th generation Free Flow System turbines will be deployed on a TriFrame™ mount at the Company’s Roosevelt Island Tidal Energy (RITE) Project in New York City’s East River. They will generate electricity under a hydrokinetic pilot project license issued by the Federal Energy Regulatory Commission (FERC) – the first commercial license issued for a tidal power project in the United States. Verdant Power turbines resemble present-day wind turbines and are deployed underwater to convert the free-flowing currents of tides and rivers into electrical and mechanical power. Due to the predictable nature of tidal and river currents, electricity delivered from Verdant Power systems is more reliable than other types of renewable energy.
“It’s all about reliability and affordability,” stated John Banigan, CEO of Verdant Power. “We are pleased to have received further support in the form of $3 million from the U.S. Department of Energy, which has been matched by private investment in the Company, for the next phase of this crucial project to drive down cost and commercialize the Company’s product. We are eager to deploy our commercial class tidal power system into the East River. That not only will deliver clean energy to New York residents, but also will demonstrate tidal power as a viable energy resource advancing our industry in the U.S. and globally.”
The project is also supported by the New York State Energy Research and Development Authority (NYSERDA), which has been a long standing partner of Verdant Power and the RITE Project. In addition to Verdant Power, the project team includes global engineering consultancy Ramboll, leading marine operations firm James Fisher Marine Services (formerly Mojo Maritime), hydropower regulatory specialist Kleinschmidt Associates, Cornell University, and manufacturing and quality management advisor Manufacturing Resources Inc., among other partners.