In the past 5 years the interest in hydrokinetic power has vastly increased. This form of power generation uses submerged turbines in rivers and oceans to capture “tidal energy”. The Department of Energy has begun financing hydrokinetic power to the tune of $50 million a year and backing it’s research.
Startup, Ocean Renewable Energy Power Company, LLC has plans to build largest hydrokinetic system in the US. The company got a $10 million grant from the DOE on top of $20 million it raised from undisclosed sources.
OREPC plans to install one of its 150 kilowatt turbines this year, plus four next year, anchoring them to the floor of Cobscook Bay in Maine. They plan to progressively build out to 3.2 megawatts production by 2014.