Maine tidal power company pulls in $4M

Ocean Renewable Power Co. LLC, a Portland, Maine-based tidal power developer, has taken in $4 million in convertible debt, according to a filing submitted to the U.S. Securities and Exchange Commission on Wednesday.

ORPC generates electricity from tidal energy. The company reports on its website that it is working on getting federal licenses to add its power systems to such tidal and river sites as Western Passage in Maine and Cobscook Bay in Maine, as well as Cook Inlet and Nenana in Alaska.

ORPC was originally founded in Florida in 2004 as Red Circle Systems Corp., and aimed to use the Gulf Stream off the coast of Florida as the energy source for its underwater turbines. The company later switched to tidal power, and has been working on projects in both New England and the Pacific Northwest. It officially moved its headquarters to Maine two years ago.

Read the full story in Mass High Tech.