Stuart Davies has been named the new CEO of Portland-based Ocean Renewable Power Co.

Davies will take over from Chris Sauer on Jan. 20. Sauer, who co-founded the company in 2004, announced his retirement last month.

Davies joined the company’s board of directors in 2019. He previously had invested in and advised the company, ORPC said in a statement.

“Stuart is a sophisticated leader who will expand ORPC’s business development and sales focus in the U.S., Canada and Chile, and position the company for growth and profitability,” Sauer said in the statement.

Davies said he shared Sauer’s “passion and enthusiasm for ORPC and look(s) forward to (Sauer’s) continuing involvement as an adviser to the ORPC team in his retirement.”

ORPC develops projects that harness power from rivers and ocean tides. In 2012, it became the first company in the U.S. to deliver electricity to the grid from tidal turbines with a demonstration project it conducted in Cobscook Bay.

In November, it received two financial boosts, with a $4 million federal grant and $7.5 million in private financing.

Davies is a former chief investment officer for Global Opportunistic Credit and an investment committee member of Sankaty Advisors, which is now known as Bain Capital Credit. He has served on the boards of, or been a board observer for, companies in the energy, industrial manufacturing, food, consumer products, retail and packaging industries.

ORPC has two proprietary river and tidal power generating systems. The company has 30 employees with offices in Montreal and Dublin, an operations center and test site in Eastport and Lubec, and a project office in Anchorage, Alaska.

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