EASTPORT, Maine (NEWS CENTER) --- For years a renewable energy company in Maine has been working to try to harness power from the tides in Cobscook Bay. Now that very project is nearly done.
'Ocean Renewable Power Company,' which is based in Portland unveiled the TidGen Tuesday afternoon in Eastport. After six years of work on Cobscook Bay, O.R.P.C. is looking to become the first company to generate commercial grid-connected tidal power in the U.S.
The plan is to launch the TidGen in the bay in the coming months and then deploy two more units by next year. The hope is eventually to have enough TidGens in Cobscook Bay to power 1,500.
The project will require about $45 million dollarsin all. Company officials are hoping they can raise that money after a successful launch.
"That based and the fact that we have now have a 20 year power purchase agreement meaning we have a market for the power from this project which ensures the revenue side. ," said Chris Sauer, who is president of O.R.P.C., "We think the combination of those two things will certainly attract the additional investment that we need."
The U.S. Department of Energy contributed $10 million to this phase of the project and more money came from private investors.