David Byrne of Talking Heads fame took to Reddit today and hosted an AMA (Ask Me Anything) to promote the new edition of his book How Music Works and its respective release party in New York city at Town Hall on June 1st. In the forum, David Byrne confirmed that fans could expect a new solo album from the iconic musician sometime “early next year.” Byrne also noted that Brian Eno helped him “a LOT” with this latest album. David Byrne also hinted at an upcoming collaboration with Oneohtrix Point Never’s Daniel Lopatin, stating, “Last week, I wrote words and a melody over a track that Daniel Lopatin sent me.”Watch David Byrne Join Angélique Kidjo For “Once In A Lifetime” At Carnegie HallDuring the AMA, Byrne was prompted about his creative process. This was his response: “At first, I may have sat down with lyrics and tried chords, etc. Very traditional, though the material was not. Then, I learned I could write over pre-existing grooves and chords — which was liberating — but I eventually discovered that process led one down certain paths and made other routes less likely. More recently, I wrote some musicals —which is all about character, emotional moments, and storytelling — which meant words once again came first. I go back and forth. . . . Lyrics are best when the writing is not obvious — when they appear to be naturally occurring (even though that might mean they are the result of lots of work and editing).”Watch Stephen Colbert Channel His Inner David Byrne And Cover The Talking HeadsWhen asked about music he’s been listening to, Byrne shouted out Sinkane, Weeknd, Lorde, Lambchop, Bon Iver, Sampha, and PJ Harvey. You can check out the full Reddit post here to read more answers from David Byrne.[H/T Fact Mag]
The upcoming Phish Baker’s Dozen run at Madison Square Garden is destined to go down as a truly monumental run, making New York City the place to be mid-summer. As the inevitable late-night show announcements pour in, you can add this one to your must-attend list. Chris Robinson Brotherhood guitarist Neal Casal is bringing his marveled Circles Around The Sun project to the Gramercy Theater on Saturday, July 22nd. (Purchase tickets here with presale code “LIVEFORLIVEMUSIC”.)The history of the band is beyond fitting, as the band’s first introduction was at the Grateful Dead‘s 50th Anniversary Fare Thee Well shows. The frequent Phil Lesh & Friends collaborator was tapped to create the setbreak music, eventually giving birth to a band that would fittingly be called Circles Around The Sun. The psychedelic rock grooves that Casal, along with the help of keyboardist Adam MacDougall, bassist Dan Horne, and drummer Mark Levy create will be the perfect concoction to help fans “Hallucinate a Solution” late into the night. [courtesy of Greg Crist]With that music released as its own album, Interludes for the Dead, the band was gifted a proper stage. The band made their live debut at LOCKN’ Festival in 2016, and it was one of the weekend’s most glorious sets. Having only performed a handful of times since, we can’t wait for Circles Around The Sun to make their NYC return on July 22, paired with the sensational after-show glow that comes along with the Phish from Vermont.Tickets for the show are currently on-sale and can be purchased here with presale code “LIVEFORLIVEMUSIC.” For additional information and show updates, join the Facebook event page.– SHOW INFO –Show: Live For Live Music Presents: A Baker’s Dozen Late-Night With Circles Around The SunWhen: Saturday, July 22ndVenue: The Gramercy Theatre –127 E 23rd St, New York, NY 10010Ages: All Ages (under 16 must be accompanied by an adult)Price: $23.00 adv / $26 dos (purchase tickets here)Pre-Sale: Thursday, June 1 @ 10AM with p/w: “LIVEFORLIVEMUSIC”Time: Doors 11:30 PM / Show 12:00 AM (technically early AM)Live For Live Music Phish Baker’s Dozen Run Late-Night ShowsJuly 21 – The Werks @ American Beauty (tix)July 21 – The Motet @ BB King Blues Club (tix)July 22 – The Werks @ American Beauty (tix)July 22 – Circles Around The Sun @ Gramercy Theater (tix)July 28 – Dopapod @ Gramercy Theater (tix)July 28 – James Brown Dance Party – 2x Shows @ Highline Ballroom (early tix / late tix)July 29 – Dopapod @ Highline Ballroom (tix)July 29 – Perpetual Groove @ BB King Blues Club (tix)Aug 4 – “Kraz & Taz” Eric Krasno Band w/ Brandon “Taz” Niederauer Band @ The Cutting Room (tix)Aug 5 – Spafford @ BB King Blues Club (tix)
22SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Anthony Demangone Anthony Demangone is executive vice president and chief operating officer at the National Association of Federal Credit Unions (NAFCU). Demangone oversees day-to-day operations and manages the association’s education, membership, … Web: https://www.cuinsight.com/partner/nafcu Details There are days when work is exhilarating. The hours fly by in an instant. You tackle challenges. If some ask you if you liked your job, you’d grab them by both shoulders and say – “No, I don’t like it. I love it!”When those moments happen, stop. And think.What just happened? Why do you love your job? What about it excites you?If you don’t have those moments, you have some self-reflection ahead of you. If we’re going to spend 40, 50 or more hours a week doing something, shouldn’t that something move you…even if occasionally?Let’s assume you do have those moments. And from my discussions, most CEOs do have them. I think our job is to find ways to push that feeling down, up and all over our organizations. We should want everyone to feel that way.Now, that likely is an impossibility. But don’t let that stop you from trying.But what is it that you should push down? What is it that makes you feel wonderful as a leader?Here are some guesses.Ownership. You own your job. You own your day. You own your hours. You are given a goal, and you claw your way to completion. Does your team feel that type of ownership? And do you unintentionally chip away at it? I tend to goof up here. I’ll look at a marketing piece from my VP of Marketing. “What about this,” I’ll ask. Or “What if we did that?” I’ll muse. Chip, chip, chip. I just took away her ownership of that marketing piece.White Space. Most CEOs I speak to try to get away and think. They clear their mind and think about their credit union’s future. Its strategy. They day-dream, in a sense. I think finding white space is a huge deal, especially in today’s world of texts and emails. Everything is turned around quickly. But strategy takes time and effort. Does your team have white space for themselves?Clarity. You know what you want, obviously. You have a vision for where you want your credit union to go. You know how that MSR should sound when he’s on the phone. But does your team have that clarity? Are your directions and expectations clear?Responsibility. The buck stops with you. That has wonderful side effects. Like ownership, responsibility leads to attention to detail, hard work, and thoughtful preparation. Does your team have that same feeling? And if they truly are responsible, do they have the tools needed to do a good job?I’m not sure all of these things are what drives us. But when we have them, life is good. Wasted effort is minimized. And you have a purpose about you. And don’t we want that for everyone?
When strategically planning your financial institution’s future, credit unions and banks often bring in outside facilitators to help them. It is too difficult to navigate potential pitfalls and you never want one person to dominate the meeting. There is just something magical about having an outside perspective help you facilitate your strategic planning process.However, successful planning is not just having anyone facilitate your session. Successful planning is having the right person that matches your unique situation.Many times, a potential partner will ask you several exploratory questions to learn more about your institution. It’s best if you turn the tables and ask them some questions as well. However, rather than focusing on traditional inquiries like price and testimonials, you should make some deeper level queries.Here are four questions you should ask any potential strategic planning facilitator:What book are you currently reading?—This quickly tells you if they are spending time learning. You want a facilitator who is familiar with current business models and strategies. You can also follow-up by asking what blogs they consistently read. If the stumble on these questions or if they throw out books from 10 years ago, that’s a red flag. A great facilitator is a reader. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »
23SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Robert McGarvey A blogger and speaker, Robert McGarvey is a longtime journalist who has covered credit unions extensively, notably for Credit Union Times as well as the New York Times and TheStreet, … Web: www.mcgarvey.net Details The realization is growing: at credit unions there is no “return to normal.” Forevermore how business is done will be different. And, a lot more technology focused.That is the conclusion from dozens of conversations I have had over the past weeks with credit union CEOs, consultants, and just plain members. To a person, they all had initially thought the COVID-19 triggered changes – from branch closures to huge spikes in online and mobile banking transactions – were a fleeting change.Things are different three months into the pandemic response. “I expect a lot of the changes that were made in credit unions will remain in place. We are not going back to how things exactly were before,” said Brad Smith, a credit union expert with consulting firm Cornerstone Advisors.Partly it’s because there is no predictable end in sight to the coronavirus pandemic – experts do not see widespread vaccination of Americans for a year or two in the best case and as for the global population, who knows? The disease will be with us for some time and that has required adjustments.Partly, too, it’s because the biggest shift has been huge adoption and use of digital tools, especially mobile banking, said Smith. Even laggards, he said, have been using mobile.That’s fueled by the reality that older Americans – ages 60 and higher – have profound fears about COVID-19, which has proven especially deadly in that demographic. So they are busy adopting mobile and online tools. Do not expect to see them in the branch anytime soon.Credit union leaders tell the reality they are seeing: “We sent out a strong message from the start of the pandemic that the safest way to bank was for members to use online and mobile banking and webchat, rather than coming into the branch,” said Carma Peters, CEO of Michigan Legacy Credit Union, a $214 million institution. “While we were hopeful that members would comply, the shift to online banking has been dramatic, with 50,000 more online transactions in April than we had in March. That’s a 38% increase.”A report from ath Power Consulting underlines the magnitude of this transformation: “Our study shows that Customers/Members are absolutely seeking additional ways to conduct business and execute transactions outside of the Branch, with 74% of our respondents saying it’s a top priority,” said E. J. Kritz, director of training and insight at ath Power Consulting.Good online and mobile banking now are must haves. That means also person to person payments, mobile remote deposit capture, and robust tools for bill payment. Mediocrity won’t suffice, not when the digital bank emerges as the bank.Next StepsGo with the digital momentum and take the next steps – steps that in many cases the big banks have already taken. But that gap can be closed.Experts pointed to two crucial areas that need credit union focus.Digital account opening. Credit unions still lag here, said Cornerstone’s Smith, and that can prove fatal if – as many experts believe – the return to branches is not in the near-term future. The mega banks are leaders in this, and successes such as Rocket Mortgage show that even big ticket transactions can be closed in a digital only fashion.The tools and technology to facilitate digital only account opening exist, said Celent expert Bob Meara. Just a few years ago, he acknowledged, the tools were not plentiful for smaller financial institutions. Now they are.Accept that members – increasingly – want easy to use digital banking and may only rarely set foot in a branch and you are on the right 2020 path. That means members doing everything online. Absolutely everything and it starts with account opening.Contactless Cards. Wave a contactless card at a smart terminal and, boom, it reads the cardholder data and a transaction is started.Does your credit union offer contactless cards? Probably not. Estimates last year were that under 1% of in person transactions in the US were contactless. In many European countries that number tops 50%.Change is coming to the US and experts point to COVID-19 as the catalyst. People just don’t want to touch a credit card terminal in a supermarket, drugstore, or at a gas station. What they want to do is wave a card and pay that way.It’s sanitary and so 2020.Smart institutions are onto this. Experts expect hundreds of millions of contactless cards to roll out to Americans this year.Is your credit union ready? Do not delay. This is a trend that is cresting.Can credit unions catch up to the big banks? Optimism among experts is plentiful. Just accept that the branch is yesterday.Digital is the future and the future is here.
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That wasn’t the only help Zagg had from the government lately. Last year, the company received a $3.3 million tax refund and racked up US tax credits worth $7 million, its public filings show. It made $6 million in profit for 2019, but paid no tax in the United States.Zagg has booked much of its profit through small companies in far-off Ireland and the Cayman Islands, its filings show.The company’s situation is one of several that reveal a previously unreported aspect of the government relief program: The fund is giving millions of dollars in American taxpayer money to a number of firms that have avoided paying US tax, a Reuters examination found.In all, Reuters’ analysis of public data found around 110 publicly traded companies have each received $4 million or more in emergency aid from the program. Last month Zagg Inc, a Utah-based company that makes mobile device accessories, received more than US$9.4 million in cash from a United States government program that has provided emergency loans to millions of businesses hit by the coronavirus.The money was part of the $660 billion Paycheck Protection Program (PPP) — a linchpin of President Donald Trump’s economic rescue package, meant to save small firms convulsed by the pandemic and help them to keep workers on the payroll.Claimants certified the loans were necessary to support their business and received an average of $115,000 as of May 26, according to the Small Business Administration, which administers the program. Nasdaq-listed Zagg’s loan was more than 80 times that amount. Topics : Of those subject to taxes, 12 of the companies recently used offshore havens to cut their tax bills, the analysis found. All together, these 12 received more than $104 million in loans from US taxpayers. Seven of them paid no US tax at all for the past year.The program, which provides low-interest loans that are forgivable if companies use most of the money to pay employees, has been widely criticized for problems ranging from early bottlenecks that prevented small businesses from receiving money, to confusion that led millions of dollars to be handed out to relatively affluent firms.Zagg, which sells its accessories in stores, online and via TV, declined to comment on its tax affairs but said separately it needed the cash from the program to keep its team together. It said in its annual report that its 2019 tax credits were “primarily attributable to a change in our global tax structure with respect to intangible intellectual property.”The Treasury Department declined to comment.Of the almost 110 recipients of $4 million or more, Reuters found some 46 paid no US corporate tax for the last year. There are many reasons for this, not all to do with tax avoidance.There is no suggestion that loan recipients which channelled profits offshore have broken tax rules or the law, or that firms which have not paid US tax may not be eligible for aid. As Erik Gordon, professor at the University of Michigan’s Ross School of Business told Reuters, “nobody has a duty to pay more taxes than the law itself requires.”Still, the fact that some recipients haven’t been paying taxes may add a new dimension to the controversy around the program. Some 39 million Americans — one in five in the workforce — have lost their jobs since the pandemic began. When Americans are scrambling for resources to fight the pandemic, “it’s a mistake to let companies not paying their fair share of taxes reap further gains from the American taxpayer,” said Zoe Reiter, director of civic engagement at Washington DC-based watchdog group Project on Government Oversight.No rulesThe small business loan program does not explicitly address tax avoidance. Companies applying for loans must certify they need the cash, commit to buying American where possible, and promise to use the money to pay employees who live in America.But when it comes to corporate taxes paid to the US government, the 11-page application form contains no conditions.For US Senate Democrat Sheldon Whitehouse, of Rhode Island, the fact that firms which channelled profits offshore could receive taxpayer bailouts highlights a need for reform.Whitehouse, who sits on the Senate’s subcommittee on taxation and IRS oversight, introduced legislation last year to close loopholes that allow companies to use tax havens. With the anti-tax Republican Party controlling the Senate and a Republican president in office, such change is unlikely for now.“This pandemic has laid bare a corporate culture in large companies to avoid paying taxes in profitable years but come to the government for handouts in a crisis,” Whitehouse said in response to Reuters’ reporting.The Reuters analysis covers only a fraction of the program: Officials haven’t yet detailed who received loans. Private companies have gotten most of them so far. They seldom reveal such information, unlike publicly-traded firms.Reuters used the latest available financial information for around 420 publicly traded companies that have applied for the forgivable loans, which was collated by data provider FactSquared. It shows publicly traded companies have collectively received less than $2 billion of the total.‘Critical role’After some companies claimed loans running into tens of millions of dollars, the US Treasury Department said last month that “big public companies with access to capital” would have a hard time proving they really needed the funds. As public scrutiny intensified, more than 60 publicly listed recipients went on to repay the loans.Zagg wasn’t among them. The company, whose brands include a phone screen protector called InvisibleShield, employs 628 people, including 479 in the United States. It said in a statement to investors in mid-April it had temporarily cut executive pay and furloughed or laid off staff.Explaining to Reuters on April 24 why it was keeping the cash, a Zagg spokesman said in an emailed statement the funds would play “a critical role in ensuring we have our team in place as the economy reopens.”‘Double Irish’At the core of Zagg’s tax arrangement is a subsidiary registered in Ireland: Patriot Corporation, registered at Rineanna House, a small office block outside Limerick.Patriot Corp owns intellectual property for Zagg, such as brands and patents. According to the latest available filings, which cover 2018, it licensed rights to these to another Ireland-based Zagg subsidiary, Zagg International Distribution Ltd. That company sold Zagg’s products outside the United States, according to company accounts and websites.The distribution company was subject to Irish tax rates of 12.5 percent.A quirk of Irish law helped the parent Zagg make an even bigger tax saving: Companies registered in Ireland can pick another place as their tax domicile. Ireland-based Patriot is tax-resident in the Cayman Islands, according to the Irish registry. The Caymans do not charge corporate income tax.For 2018, Zagg International Distribution paid around 4 million euros ($4.4 million) in royalties to Patriot Corp. That left the distribution firm with a profit of just 110,000 euros. And Cayman-resident Patriot Corp’s millions of dollars were liable for zero tax.The maneuver is a long-standing tax avoidance method, and an example of what tax planning experts call “the Double Irish.”“It’s purely a device to shift income to a zero-tax jurisdiction located in the sunny Caribbean,” said J. Clifton Fleming, a professor of tax law at Brigham Young University in Provo, Utah. Irish tax officials declined to comment.Gilti chargesIn all, the Reuters analysis found more than 20 companies that applied for emergency help had used offshore subsidiaries to reduce their tax.Twelve — including Zagg — reported their tax affairs had triggered a US government levy designed to stop tax avoidance.The measure, enacted by Congress in 2017, is called Global Intangible Low-Tax Income (GILTI) — pronounced ‘guilty’ by tax experts. Six tax experts told Reuters that the fact a company has been hit with a GILTI charge is a clear indication of tax avoidance.“They shouldn’t have a GILTI charge unless they are shifting income to a low tax jurisdiction,” said Eric Zolt, a professor at the UCLA School of Law who served as a consultant to the US Treasury Department.Under GILTI, if a company records profits in a territory where it would pay much less tax than the US standard rate of 21 percent, it must pay an extra charge. The sum typically only goes a small way to make up the tax shortfall, tax experts say.Companies are not obliged to disclose they paid a GILTI levy — many don’t, say academics who study the issue. So Reuters’ analysis gives only a partial picture of the public companies that may have channeled profits offshore before they got COVID-19 relief.Sleeping easyCulp Inc, a North Carolina-based manufacturer of mattresses and upholstery fabrics, was another firm which paid GILTI fees before it applied for taxpayer-backed loans.It received $7.6 million in taxpayer support last month.Since 2011, the company has repeatedly told investors in quarterly calls that it pays no or “minimal” US income tax. Its overseas operations include a Caymans-registered company.Culp, contacted by Reuters on May 13, declined to comment on its tax arrangements. Two days later, a Culp representative told Reuters it had already voluntarily repaid the relief loan on May 13 “out of an abundance of caution” after the Treasury revised its guidelines on eligibility.Lovely islandA third beneficiary of the loans program that also disclosed a GILTI charge was Delaware-registered Spanish Broadcasting System Inc (SBS), which operates Spanish-language radio and TV stations under names including Mega, La Raza and Amor across America and Puerto Rico.Four of its 14 radio stations are on the island.Over the four years from 2016 to 2019, SBS reported cumulative losses of $20 million in the United States and profits of $15 million in the US territory of Puerto Rico.In 2018, SBS said it received a tax benefit in the United States after writing off intercompany debt with its Puerto Rico subsidiary. It declined to explain to Reuters why it was profitable in Puerto Rico but made losses in the United States, or to discuss its tax arrangements more broadly.“Spanish Broadcasting System is a US taxpayer that fully complies with all US tax laws,” it said in a statement.Combined, Zagg, Culp and SBS received about $24 million from the US taxpayer-funded loan program, the Reuters analysis found.
Divergence in mortality across socio-economic groups makes it challenging for pension funds and annuity providers to mitigate longevity risk, the OECD said.Their exposure to longevity risk tends to be more concentrated in higher socio-economic groups, it added, which could potentially limit the capacity for this risk to be passed to reinsurers.The OECD has previously called for the development of capital markets solutions for longevity risk and in its latest report said that the “capital markets could potentially offer additional capacity at a lower cost”.However, it went on to note that there are problems with the index-based longevity instruments that are needed to meet capital market investors’ need for transparency and flexibility.Asked whether the OECD was giving up on or at least backing away from the idea of capital markets solutions fo rmanaging longevity risk, Pablo Antolín-Nicolás, principal economist and head of the private pensions unit at the OECD, said it was not.“We still believe that market solutions are part of the overall solution to manage longevity risk,” he told IPE. ”We are just highlighting that socio-economic differences in mortality trends creates additional problems to develop market solution for managing longevity risk.”According to the OECD, index-based hedging instruments have drawbacks because they do not provide a full transfer of the risk, which leaves pension funds or annuity providers with what is referred to as a basis risk – the potential shortfall between payments from a swap counterparty and payments owned to annuitants.Divergence in mortality improvements means that “[t]he magnitude of this basis risk can be significant, reducing the effectiveness of the longevity swap to hedge the longevity risk of the pensioners or annuitants”, said the policy organisation.The OECD noted that very few index-based longevity hedges have been executed.The four largest public transactions have all been in the Dutch market, where, according to the OECD, the very high coverage of the private pension system means that mortality among the population with annuities is “more likely to closely follow the trends of the general population, minimising basis risk and resulting in higher hedge effectiveness”.The Life & Longevity Markets Association (LLMA) and the UK’s Institute and Faculty of Actuaries (IFoA) recently commissioned a research project that aims to develop a methodology for assessing basis risk for longetivity transactions. Another solution, according to the OECD, is for pension funds and annuity providers to diversify their longevity risk by “adapting product offerings to different segments of society”.Policymakers, as the organisation has long argued, also have a role to play, by making accurate and timely mortality data available by socio-economic groups and encouraging product innovation.The “ultimate solution”, however, according to the OECD, will be to target the causes of the differences in mortality and life expectancy by socio-economic factors.To that end, the next step in the organisation’s research agenda is to estimate and quantify the potential impact of these differences on the well-being of retirees. Differences in life expectancy across socio-economic groups could act as a barrier to the development of a longevity product tradable on capital markets, according to the OECD.Pension funds and annuity providers should look to adapt their benefit structure or product offering to different segments of society as an alternative solution to managing their exposure to longevity risk, it said.It made the comments in its 2016 Business and Finance Outlook, which was released this week.The report focussed on the “fragmentation” in a variety of areas of life, including in financial markets, regulatory and legal regimes, and life expectancy.
Investors must be prepared to scrutinise complex equity overlay strategies as downside protection comes to the fore, according to consultancy Bfinance.A number of pension funds have turned to such strategies over the last year to protect portfolios against falling market prices.Toby Goodworth, managing director for risk and diversifying strategies at Bfinance, said: “We have seen a clear trend among investors seeking more explicit forms of protection against equity losses over the past 12 months as artificially stimulated asset prices have given way to increased market volatility, geopolitical tensions and trade war concerns.”The prospect of severe downturns had bolstered the case for more explicit safeguards on investment portfolios, he said, in contrast to the past decade when investors had instead built up implicit downside protection through diversifying strategies. However, changing approach in this way involved several critical choices, Goodworth said – some of which were relatively complex from a technical point of view.Usually, equity protection strategies involve a derivative overlay designed to limit how much an equity portfolio falls in value.“They also need to be considered from the perspective of governance and stakeholder buy-in, as even the most cautious investor can find that their stakeholders run out of patience before protective measures pay off,” Goodworth warned.“When it comes to applying overlays, simplicity is not always straightforward so investors should ensure they are well-equipped to consider the level of customisation required with the desired level of tactical adjustment and the types of instruments to be employed with an awareness of the trade-offs that are involved.”The South Yorkshire Pensions Authority (SYPA) was among the large pension schemes to have put a strategy in place over the past year to mitigate possible falls in equity markets. In June 2018, it tasked Schroders with a £2.6bn (€3bn) equity risk management strategy.In December, the £1.4bn London Borough of Tower Hamlets Pension Fund also hired Schroders to run a “risk management solution” protecting around half of its portfolio.Also in December, multi-sector Dutch pension fund PGB hired BMO Global Asset Management to implement a protection strategy for its €12bn equity portfolio.
Department of Energy (DOE) has awarded Ocean Renewable Power Company (ORPC) of Portland with a grant of $3.8 million to develop innovative hydropower technology. The company will develop hydropower turbines that fit the specific constraints of rivers.“Renewable energy is the key to a clean future for our children and grandchildren, and Maine has huge potential to lead clean energy innovation—both in wind and tidal power,” said congresswoman Chellie Pingree (D-Maine). “I’m thrilled to see Ocean Renewable Power Company receive this grant, which will help support Maine’s position as a leader on tidal power, and will spur job growth in Maine.”“This award will facilitate additional product innovation in ORPC’s power systems that will enable our company to enter more markets and assist more customers with an economically feasible, no-carbon, renewable energy solution,” said John Ferland, ORPC president. “The Department of Energy’s funding award process is competitively rigorous, and we are honored that the agency selected our proposal.”The grant funding will be used to modify ORPC turbine design and equipment to facilitate hydrokinetic infrastructure building, making it more useful in remote, diverse markets and communities like those found across the state of Maine.The new technology would help utilize tidal power and water flow to create renewable, carbon-free electricity.Ocean Renewable Power invests in rural places were the power is generally supplied by a diesel fueled system to better serve the populations, thereby creating affordable, clean, carbon-free energy production.