What Verdant Power does

Verdant Power, Inc. is a US-headquartered (New York) marine energy technology provider and project developer founded in 2000, specializing in tidal-stream power generation using its proprietary Free Flow System of fifth-generation (Gen5) bidirectional tidal turbines mounted on a TriFrame structure that hosts multiple units in a single mooring. The company is best known for the Roosevelt Island Tidal Energy (RITE) Project in New York City's East River—the first commercially licensed tidal power project in the United States, which delivered over 312 MWh of grid power at 99%+ availability and 46% water-to-wire efficiency, achieved Technology Readiness Level 9, and received the world's first IECRE Power Performance Certification before being decommissioned in 2021.

The company's current revenue model combines two streams: long-dated project-based power sales (anchored by a 5MW UK Contract for Difference awarded in 2023 to Verdant Isles Ltd. at the Morlais Development Zone in Wales, providing a 15-year guaranteed strike price of £198/MWh) and a professional advisory services business that sells feasibility, permitting, FEED, and project management expertise to communities, technology developers, and project developers. Go-to-market is enterprise field sales driven by competitive government award processes (FERC licensing in the US, CfD allocation rounds in the UK) and direct engagement with project partners such as Menter Môn, Duggan Brothers, Inyanga Marine, NYSERDA, DOE/NREL, and Stony Brook University.

Verdant Power is led by co-founder and President Ron Smith, Founder and Chief Commercial Officer Trey Taylor, and Chairman and CEO John Banigan. Operating geographies span the United States and the United Kingdom, executed through the parent Verdant Power, Inc. and two jointly controlled UK entities (Verdant Isles Ltd. and Verdant Morlais Ltd.). The company remains privately held with no disclosed institutional equity funding beyond small NYSERDA and DOE grant rounds totaling approximately $5.1M over twenty years.

Name

Verdant Power

Legal name

Verdant Power, Inc.

Website

https://verdantpower.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

11–50 employees

Short description

Verdant Power is a US-headquartered marine energy technology provider that designs and deploys proprietary Gen5 tidal turbines on TriFrame mounts, develops tidal-stream projects in the US and UK, and sells advisory services to marine energy stakeholders.

Ownership category

akta.pro rank

Product category

Marine Energy Technology

NAICS

Turbine and Turbine Generator Set Units Manufacturing (333611), Electric Power Generation (22111)

SIC

Engines & Turbines (3510)

akta.pro primary industry

Tidal Stream Power Generation (In-Stream Turbines) (EUACAJAB)

akta.pro secondary industries

Marine & Hydrokinetic R&D (Tidal, Wave, River Current, OTEC) (EUAMAOAD), Ocean Current Power Generation (EUACAJAD)

Keywords

• Marine energy technology
• Tidal power generation
• Hydrokinetic turbines
• Tidal energy projects
• Marine renewable energy

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Supply Chain, Operations, Marketing or Sales

Revenue model

1. Tidal Energy Generation and Power Sales: Verdant Power generates revenue through tidal energy generation projects that sell electricity to the grid. The company secured a 5MW Contract for Difference (CfD) under the UK Government's Allocation Round 5, providing 15-year guaranteed strike price contracts at £198/MWh.
2. Advisory and Project Development Services: Verdant Power offers comprehensive advisory services including preliminary concept evaluation, funding support, resource assessment, community engagement, environmental consenting, technology selection, permitting, front-end engineering design, project deployment, and project management to various stakeholders in the marine energy sector.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Verdant Power develops proprietary marine hydrokinetic tidal turbine systems (the Gen5 Free Flow System mounted on its TriFrame structure) and develops tidal energy projects that generate and sell clean electricity to the grid. The company also delivers advisory and project development services across the full lifecycle of marine energy projects, from concept evaluation and permitting through deployment and operations.

Product overview

Verdant Power is a marine energy solutions provider offering a portfolio of tidal energy products and services. The core offering consists of the Free Flow System featuring Gen5 tidal turbines mounted on the proprietary TriFrame mount, deployed through flagship projects including the RITE Project in New York City (decommissioned 2021 after achieving TRL9) and the Morlais Development Zone in Wales (5MW CfD awarded). The company extends its expertise through advisory services covering the full lifecycle of marine energy project development from planning through deployment and operation.

Differentiator

Problem solved

Functional benefit

Products and services

• Free Flow System (Gen5 Tidal Turbines) Verdant Power's proprietary fifth-generation tidal turbine technology designed to harness energy from tidal currents. The system features fully bidirectional operation with high efficiency on both ebb and flood tides, automatic control, and continuous unattended operation with yaw capability to turn approximately 170 degrees as tides shift direction. Achieved Technology Readiness Level 9 and was the first tidal turbine system to receive third-party IECRE performance verification.
• TriFrame Mount Verdant Power's proprietary mounting system designed to house multiple tidal power turbines in a single mooring structure. The TriFrame enables streamlined installation and maintenance and supports the deployment of three turbines per mount, used in the RITE Project and planned for the Morlais Development Zone.
• Advisory Services Comprehensive consulting and project development services for sustainable marine energy solutions. Services include preliminary concept evaluation, funding support, resource and site assessment, community engagement, environmental consenting, technology selection, FEED, permitting, procurement, deployment, and project management, as well as professional training across the marine energy sector. Offered to communities, technology developers, and project developers.

Quantifiable outcome

• Over 312 MWh of tidal power delivered to the US electricity grid
• +4 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered minor and core.

• Stony Brook UniversityminorStrategic or Co-development Partner · 1 January 2025Stony Brook University researchers, led by Associate Professor Ali Khosronejad, partnered with Verdant Power to model and optimize next-generation marine hydrokinetic turbines using high-fidelity computational simulations of the Long Island Sound environment. The project, facilitated through the Advanced Energy Research and Technology Center, began in early 2025 and runs through Summer 2026.
• Inyanga Marine Energy GroupcoreStrategic or Co-development Partner · 1 January 2024Inyanga Marine and Verdant Morlais Ltd (VML) signed an MoU to deliver a 4.9 MW tidal stream energy project at Morlais in Wales. Inyanga Marine was awarded a 10 MW project in the UK Government's CfD AR5 and will oversee engineering, procurement, construction, installation, and long-term operations and maintenance using their patented HydroWing tidal stream technology.
• Duggan Brothers Ltd.coreStrategic or Co-development Partner · 1 September 2023Duggan Brothers Ltd. (Ireland) partnered with Verdant Power, Inc. to establish Verdant Isles Ltd. (VIL), a joint venture company to assess and develop tidal energy projects in Ireland and the United Kingdom. This partnership enabled Verdant Power to secure the 5MW CfD at Morlais.
• Menter MôncoreStrategic or Co-development Partner · 1 January 2021Menter Môn is a social enterprise in north Wales that is developing the Morlais Development Zone in partnership with the Welsh government and commercial entities. They provide the infrastructure for developers including Verdant Power to deploy devices and connect to the UK electricity grid.
• U.S. Department of Energy (DOE)coreStrategic or Co-development PartnerVerdant Power has received competitive funding awards from the U.S. DOE at the federal level. The DOE's Water Power Technologies Office (WPTO) supported the RITE Project. Verdant Power was awarded a cooperative agreement with DOE for the TriFrame Mount project.
• National Renewable Energy Laboratory (NREL)coreStrategic or Co-development PartnerNREL partnered with Verdant Power on technology advancement, including an in-water test at RITE. NREL researchers developed thermoplastic composite blades for Verdant Power's tidal turbines, which were tested in the retrieve-and-replace operation.
• European Marine Energy Centre (EMEC)coreTechnology or IntegrationEMEC conducted the world's first off-site power performance assessment for Verdant Power's tidal turbine system under IEC technical specifications, resulting in the first IECRE Power Performance Certification for tidal turbines.
• Federal Energy Regulatory Commission (FERC)coreOthersFERC issued Verdant Power the first-ever Hydrokinetic Pilot Project License for grid-connected marine renewable energy, granting a 10-year operating license for the RITE Project in New York City's East River.
• U.S. Department of Energy's Atlantic Marine Energy CenterminorStrategic or Co-development PartnerThe Stony Brook partnership supports the DOE's Atlantic Marine Energy Center consortium in advancing marine renewable energy technologies along the U.S. East Coast.
• NY State Energy Research and Development Authority (NYSERDA)coreStrategic or Co-development PartnerNYSERDA provided assistance to Verdant Power for Gen5 technology readiness advancement and was involved in the cooperative agreement for the KHPS TriFrame Mount project.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Voith Hydro: Global hydro and marine turbine OEM with a marine hydrokinetic program. Overlaps with Verdant Power in turbine manufacturing capabilities and hydropower-adjacent markets, but operates from a much larger industrial base.
• ANDRITZ Hydro: Large, established hydro and marine energy turbine manufacturer and project developer. Competes with Verdant Power in marine hydrokinetic turbines from a position of much greater scale, capital, and global project pipeline.

Direct peers

• HydroQuest: French tidal turbine developer (OceanQuest 1MW, 2MW) with multi-site deployments in France and overseas. Directly comparable in that HydroQuest manufactures and deploys in-stream tidal turbines for grid-connected marine renewable generation.
• Minesto: Swedish developer of tidal kite technology (Dragon Class) targeting baseload renewable generation from tidal and ocean currents. Competes with Verdant Power for the same marine hydrokinetic customer base and public R&D funding, with a similar pre-commercial scale profile.
• Sabella: French tidal energy developer deploying seabed-mounted turbines in Brittany. Comparable to Verdant Power in core technology (in-stream tidal turbines), target market (utility-scale tidal generation), and reliance on European policy support.
• Orbital Marine Power: Scotland-based developer of floating tidal stream turbines (O2), the most operationally mature tidal stream player globally. Directly comparable to Verdant Power in technology category (in-stream tidal turbines), target customers (grid/utility offtakers), and policy-driven revenue model (CfDs).
• Nova Innovation: Scotland-based tidal stream array developer (Shetland Tidal Array) deploying multiple seabed-mounted turbines. Highly comparable in business model (utility-scale tidal generation, grid-connected) and geography (UK CfD market where Verdant also operates).
• Magallanes Renovables: Spanish developer of the ATIR floating tidal platform, targeting European tidal markets with utility-scale turbines. Comparable to Verdant in product category (tidal stream generation), regulatory approach (EU marine energy frameworks), and target offtakers.
• Inyanga Marine Energy Group: Cornwall-based tidal stream developer behind the patented HydroWing technology and a 10MW CfD winner at Morlais. A direct peer in the same UK CfD allocation round and same deployment zone as Verdant Power's 5MW berth.

Others

• Ocean Renewable Energy Coalition: US-based industry trade association representing marine and hydrokinetic energy developers including tidal, wave, and ocean current players. Relevant to Verdant Power as an ecosystem/advocacy counterpart shaping US regulatory frameworks for tidal energy.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/verdant-power
• Instagraminstagram.com/verdantpower

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds10 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Verdant Power