US-based hydrokinetic developer Ocean Renewable Power Company (ORPC) said it has raised over $500,000 growth capital through an offering launched on private securities platform Netcapital.
The offering, launched in March this year is primarily directed at impact and institutional investors, but a portion of it has been reserved for Main Street investors.
The company plans to raise between $10,000 and $9,999,990 through concurrent offerings.
ORPC may raise up to $1,069,992 from non-accredited investors.
The purpose is to raise funds for the company to use for product engineering, technology optimization, product testing, marketing and associated payroll, as well as general and administrative expenses.
ORPC power systems are built around its patented core technology, the turbine generator unit or TGU. This unit consists of multiple cross-flow turbines and an underwater generator connected to a single driveshaft, which can be submerged in water as shallow as 5 meters deep. As water currents pass through the TGU, they rotate the turbines and generator, producing electricity. This power is then transmitted through an underwater cable to an on-shore interconnection point.