Verdant Power has secured $6m funding including a US Department of Energy (DoE) grant to progress the next phase of its tidal project in New York City’s East River.
The DoE’s Office of Energy Efficiency and Renewable Energy approved $3m in co-funding support for the third phase of Verdant’s project, which will qualify its tidal system through to final test, demonstration and commercialization.
The New York outfit will install a full-scale 105kW TriFrame platform featuring three fifth-generation Free Flow turbines at the Roosevelt Island project site.
Verdant Power chief executive John Banigan said: “We are pleased to have received further support in the form of $3m from the DoE, which has been matched by private investment for the next phase of this crucial project to drive down cost.”
The system will generate power under a hydrokinetic pilot project license issued by the Federal Energy Regulatory Commission.
The project is also supported by the New York State Energy Research and Development Authority.