Verdant Power, a private company which is going to realize its first tidal project in New York City’s East River, has raised $530,000 investment.
On January 23, 2012, the Federal Energy Regulatory Commission (FERC) issued a pilot commercial license to Verdant Power’s RITE Project and it accounts for the first commercial license for tidal power in the US.The pilot license issued to Verdant Power is for 10 years.
The project was conceived to use the East River’s natural tidal currents to generate electricity.
Verdant Power develops projects and technology that deliver clean renewable energy from the currents of oceans, rivers and manmade channels.
[mappress] Offshore WIND Staff, March 07, 2012; Image: Verdant Power