Grays Harbor Energy on Monday said it will seek permits and funding to build towers off the coasts of six states to harness both wave and wind energy.

The Seattle-based startup  hopes to generate 1,000 megawatts of wind power and 100 megawatts of wave power for each of the seven sites it has planned for the waters off California, Hawaii, Massachusetts, New Jersey, New York, and Rhode Island.

Grays Harbor President Burt Hamner said that the average cost of installing offshore wind farms costs $4 million per megawatt, which translates to at least $28 billion to construct everything. The company expects to raise most of the money from private investors.

“However,” Mr. Hamner said, “we are setting this project up to be a significant recipient of federal funds because all the projects use the same tech packages; they’re in 6 different states, and they are in federal waters.”

If the company can receive some immediate federal funding, it can send out survey ships, which cost roughly $50,000 a day, to gather more data about the proposed sites. The data would help keep the company on track to generate power at full scale by 2017. 

The company has also expressed interest in integrating a liquefied natural gas terminal and plant in each station to help maintain the power when there isn’t a lot of wind.

Grays Harbor hopes to raise over $5.5 million by next March, when the permits would ideally be issued.

Red Herring reporter Justin Moresco contributed to this report.