HOUSTON, TX – Hydro Green Energy, LLC (HGE), a Houston-based hydrokinetic river power and tidal energy technology integrator and project developer, today announced that it has closed its $2.6 million Series-A funding round led by the Quercus Trust, a prominent investor in the renewable energy sector.
“With the closing of our Series-A round, Hydro Green Energy is now in the position to deploy its patented hydrokinetic technology at a number of projects throughout the United States,” said Wayne F. Krouse, CEO and Founder of Hydro Green Energy. “The funding from the Quercus Trust validates the vision and business strategy of this company. I am especially pleased that the Quercus Trust sees the value of our integrated Hydro+™ applications. These funds will be used to accelerate our growth, deploy our first commercially-operational project and to study additional project opportunities. This all bodes well for a significant expansion of our business later this year.”
Hydro Green Energy intends to build and operate hydrokinetic power projects that generate electricity exclusively from moving water (river currents, tidal currents and ocean currents) without having to first construct dams, impoundments, conduits or other infrastructure. Its technology is also deployable downstream from existing hydropower facilities (known as Hydro+™), which allows for new incremental, environmentally-friendly, renewable power generation within the existing project footprint.
Hydro Green Energy holds 13 Preliminary Permits from the Federal Energy Regulatory Commission (FERC) for projects in Alaska and Mississippi. The company, which is in various stages of development in several other states, expects to be generating electricity at its first project in Minnesota on the Mississippi River in late August. That project will be the first commercially operational, FERC-licensed hydrokinetic power project in the United States.
Hydro Green Energy owns U.S. and International Patents on the technology designed by Mr. Krouse. The company has pending numerous additional U.S. Patents, as well as International Patents. The innovative turbine design developed by HGE has resulted in the most efficient and highest power producing hydrokinetic turbine unit in the hydrokinetic industry. The end result is a system with significantly lower capital costs and higher capacity factors than any other river, tidal or ocean energy system.
A NASA-sponsored Space Alliance Technology Outreach Program (SATOP) independent fluid dynamics study found that HGE’s patented turbine design will produce at least 240 percent more power than other currently available hydrokinetic turbines with the same diameter rotor fan in the U.S. and U.K. markets. The SATOP study was independently confirmed in 2007 by Concepts NREC and Hatch Energy, two highly respected energy consulting, engineering and management companies with decades of hydropower experience.
Hydrokinetic energy holds significant promise as a new, carbon-free energy source. A 2007 study by the Electric Power Research Institute (EPRI) found that the U.S. could develop at a minimum 23,000 megawatts of river and ocean-based hydrokinetic energy by 2025, enough annual power for roughly 12 million homes. Earlier estimates by the U.S. Department of Energy (DOE) showed even greater potential and suggested that the U.S. might be able to double its existing water energy output (presently eight percent of the nation’s energy) with the development of new technologies.Print News Release