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 $3 million 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.
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.
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.
“It’s all about reliability and affordability,” said 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 Ramboll, James Fisher Marine Services (formerly Mojo Maritime), Kleinschmidt Associates, Cornell University, and Manufacturing Resources, among other partners.