Oceanit creates hydro-power subsidiary in Hawaii
Oceanit, one of the largest engineering firms in Hawaii, has formed a subsidiary that could help it move forward with plans to create hydro-electric plants on Oahu, Maui and the Big Island.
Plans for Pacific Power and Water Co. are still in the early stages, but an Oceanit spokesman said it hopes to work on a "handful" of hydro projects — each costing around $10 million. The company says it is currently raising funds for the projects, which may include investors.
Meanwhile, Oceanit is undergoing a feasibility study for the projects, but gave no timeline for when it will decide whether it will go forward with its plans for creating hydro power.
Founded in 1985, Oceanit has done work for aerospace, information technology and life sciences clients as diverse as the U.S. Army Corps of Engineers, the U.S. Missile Defense Agency, the National Science Foundation and NASA. The privately held company says it has 130 employees.
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