A unit of GE is putting $2.6 million into Ocean Power Deliver (OPD), a company building a facility for large-scale energy generation from waves. The money will also give GE a stake in OPD, which has raised $22.5 million of equity.
OPD has developed the Pelamis Wave Energy Converter, which generates electricity from off-shore wave motion, a relatively new power generation technology.
The company is in the process of fulfilling its first order for a Portuguese consortium. The 750 kilowatt facility, expected to start construction this summer, will generate enough electricity to supply 15,000 homes in Portugal.
GE has made investment in clean energy a business priority for the company, which already is a major supplier or large-scale wind turbines.