C-Power Announces Series B-2 Round to Accelerate Market Entry of Ocean Energy Technologies
C-Power today announced the first closing of a Series B-2 round of investor funding that will enable the company to advance its strategy to commercialize kilowatt-scale ocean energy and data solutions and develop larger megawatt-scale products.
By harnessing the immense power available in ocean waves, C-Power’s proprietary technologies accelerate decarbonization for both onshore and offshore applications.
“Our strategy has always involved two phases. First, use our groundbreaking SeaRAY ocean energy technology to provide solutions for offshore applications requiring power generation and data communications. Second, grow our StingRAY technology to megawatt-scale to deliver a near-baseload source of zero-carbon, renewable energy for a range of applications from remote minigrids to utility-scale electricity generation,” said C-Power CEO Reenst Lesemann. “I am grateful to our investors for believing in our strategy, and I’m excited for the opportunity this funding provides our team to execute on an advanced timeline.”
Separately, the U.S. Department of Energy (DOE) announced on January 25 that C-Power has been selected for $4.18 million in funding, subject to final contract negotiations, to test the next generation of the company’s autonomous offshore power system (AOPS) design. Part of $25 million in DOE funding for open-water testing projects at the PacWave South test site off the Oregon coast, the funding will also support C-Power’s strategy to accelerate the commercial viability and deployment of its technologies at scale to empower the ocean and terrestrial economies to achieve net-zero carbon emissions goals.
At the lower-power end of the market, C-Power offers the SeaRAY AOPS. The SeaRAY changes the ocean from a power desert into a power- and data-enriched environment, reducing operational costs, carbon emissions and complexity for offshore, island and coastal applications. The systems are easy to transport and deployable anywhere in the world, unlocking innovation in critical industries such as offshore energy, defense and security, aquaculture, science and research, and communications.
After recently delivering its first system, C-Power will soon commence a six-month demonstration of a second SeaRAY in partnership with the U.S. Department of Energy (DOE) and U.S. Navy to test and validate its technical and economic capabilities. The demonstration will take place at the Navy’s Wave Energy Test Site (WETS) in Hawaii.
The SeaRAY AOPS at WETS is a moored configuration consisting of a surface wave energy converter; a single, combined mooring, data, communications and power cable; and a seafloor base unit that provides 55 kWh of energy storage for payload operation. The SeaRAY has been developed under a $4 million DOE and Navy-sponsored research and development program.
These C-Power systems provide in-situ power, energy storage, and real-time data and communications support that will advance the marine economy toward a future of autonomous, connected and resident technologies. The systems are designed to support unmanned offshore activities, including subsea vehicles, sensor packages and operating equipment.
C-Power’s megawatt-scale products power the next wave of zero-carbon energy for terrestrial electric grids, minigrids and microgrids, delivering near-baseload renewable energy.
The company is currently developing the StingRAY, which will deliver cost-effective, utility-scale renewable power. Applications include providing “village” power for isolated island or coastal communities that currently rely on diesel-powered generators or other costly forms of fossil fuel-powered generation, connecting to utility electric grids that seek to replace coal- and natural gas-fueled generation, and powering private minigrids for offshore and onshore business operations.
C-Power’s low-power systems are commercially available with the first unit sold to customers. The Series B-2 capital will fund the company’s plans to develop and demonstrate its larger-scale systems on an advanced timeline, with plans to bring the StingRAY to market by 2024.
By harnessing the immense power of ocean waves, C-Power delivers groundbreaking technologies that accelerate decarbonization at sea and on land. Its kilowatt-scale products change the ocean from a power desert into a power- and data-enriched environment, reducing operational costs, carbon, and complexity for offshore, island, and coastal applications. The systems are easy to transport and deployable anywhere in the world, unlocking innovation in critical industries such as offshore energy, defense and security, aquaculture, science and research, and communications. C-Power’s megawatt-scale products power the next wave of zero-carbon energy for terrestrial electric grids and remote minigrids.
With headquarters in Charlottesville, Virginia, product development based in Corvallis, Oregon, and a U.K.-based subsidiary, C-Power’s global team brings more than 150 years of successful management, operating and engineering experience from the renewable energy sector, early stage prototyping and testing, and Fortune 500 companies. Connect with C-Power on LinkedIn.