Corvallis-based Columbia Power Technologies LLC is close to getting $2 million in investment from the Oregon Angel Fund.
Corvallis-based Columbia Power Technologies LLC is close to getting $2 million in investment from the Oregon Angel Fund.
The wave power company recently topped all vote-getters at the Venture NW contest in Portland.
The pre-revenue company, a subsidiary of Charlottesville, Va.-based Greenlight Energy Resources, was formed five years ago to commercialize wave buoy technology developed by Oregon State University researchers.
Now it’s hoping the new capital, joined with $3.5 million in already-secured federal grants and another investment round planned for next year will help in delivering its massive 80-foot-tall wave buoys to the market in the next two years.
The market is huge. The wave energy market in Europe alone, the company’s initial target, is expected to reach $9 billion in the next 10 years.
Read more at Sustainable Business Oregon.
{biztweet}wave energy{/biztweet}
