Success Stories

Ocean Renewable Power Company
Portland, ME
http://www.oceanrenewablepower.com

VDO: Maine Technology Institute

Synopsis of Company's Work:

Since 2004, ORPC has been developing breakthrough technology and eco-conscious projects that use river and ocean energy to produce clean, predictable electricity to power our homes and businesses while protecting our environment.

How Maine Technology Institute Helped:

MTI provided ORPC with several awards and an investment that provided the much-needed capital to research and develop their proprietary technology to the point where they could attract external investment. MTI's support was also instrumental in the company's decision to locate their headquarters in Maine, and the company is benefiting from that decision by partnering with nearly 30 local businesses to fabricate, assemble, deploy and maintain their equipment and make ocean energy a viable industry here.

From Chris Sauer, CEO: "MTI's support has allowed us to leverage multiples of additional private investment…In every case where we have gotten an award from MTI, we have been able to raise at least 100 percent more of it in the private sector"

Impact:

ORPC has been awarded nearly $11 million from the Department of Energy for projects, and has grown its staff from three to more than 20.

« Back To Success Stories Page