Verdant Power founders are planning to install up to 30 turbines with the total capacity of 1MW in the East Channel of the East River, writes The Day news portal.
Ron Smith, co-founder of Verdant Power said for The Day: “The 1 megawatt these will generate is trivial.”
“But by 2020 to 2040, these kinds of technologies will be all over the world.”
Verdant Power is among the first companies that are exploring the potential of the tidal energy.
Unlike the wind and solar power, tidal power is predictable as the tides move in correlation with the movement of the moon.
“When the power is predictable, it’s easier to plan to bring other things on line when needed,” said Smith .
The initial costs for the development of this technology are high. The company has raised USD 35 million so far and needs USD 25 million more.
Last year in January, the Verdant Power was granted a first pilot license for a tidal power project in New York.
[mappress]
Offshore WIND staff, April 1, 2013; Image: verdantpower