GE Takes the Plunge for Ocean Energy
750 Kilowatts From Waves and
GE invests in world's first offshore wave farm project (Oil Online, 4/18/06) report that General Electric's Technology Lending unit has extended a loan of $2.6 million to Ocean Power Delivery (OPD) for its Portugal wave enery farm (the first in the world as initially blogged here.
Also, GE will take an equity position as part of OPD's $22.5 million (GBP 13 million) equity raise as OPD prepares to deliver on its first commercial contract for a wave power farm.
GE's investment represents a huge step forward for the ocean energy industry. The involvement of such a large institutional player should draw more private capital to the industry and push innovation and commercialization forward. Congratulations and thank you, GE for taking the first step.