U.S.-based marine energy company C-Power has announced the first closing of a Series B-2 round of investor funding that will enable the company to advance its business strategy.
With the latest investment commitments, C-Power said it plans to commercialize its kilowatt-scale ocean energy and data solutions and develop larger megawatt-scale products.
By harnessing the immense power available in ocean waves, C-Power’s proprietary technologies can contribute to decarbonization for both onshore and offshore applications, according to the company.
The Series B-2 capital will fund C-Power’s plans to develop and demonstrate its larger-scale systems on an advanced timeline, with plans to bring the StingRAY to market by 2024.
Reenst Lesemann , C-Power’s CEO, said: “Our strategy has always involved two phases. First, use our groundbreaking SeaRAY ocean energy technology to provide solutions for offshore applications requiring power generation and data communications.
“Second, grow our StingRAY technology to megawatt-scale to deliver a near-baseload source of zero-car bon, renewable energy for a range of applications from remote minigrids to utility-scale electricity generation.
“I am grateful to our investors for believing in our strategy, and I’m excited for the opportunity this funding provides our team to execute on an advanced timeline.”
Earlier in 2022, the U.S. Department of Energy (DOE) selected C-Power for $4.18 million in funding , subject to final contract negotiations, to test the next generation of the company’s autonomous offshore power system (AOPS) design.
Part of $25 million in DOE funding for open-water testing projects at the PacWave South test site off the Oregon coast, the funding will also support C-Power’s strategy to accelerate the commercial viability and deployment of its technologies at scale to empower the ocean and terrestrial economies to achieve net-zero carbon emissions goals.
After recently delivering its first system to Hawaii , C-Power will soon start a six-month demonstration of a second SeaRAY, in partnership with the U.S. DOE and U.S. Navy, to test and validate its technical and economic capabilities.
The demonstration will take place at the U.S. Navy’s Wave Energy Test Site (WETS) in Hawaii.
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Also, the company is currently developing the StingRAY – a megawatt-scale wave energy device – expected to deliver cost-effective, utility-scale renewable power.
Applications include providing power for isolated island or coastal communities that currently rely on diesel-powered generators or other costly forms of fossil fuel-powered generation, connecting to utility electric grids that seek to replace coal- and natural gas-fueled generation, and powering private minigrids for offshore and onshore business operations.