Hydrokinetic power developer Hydro Green Energy LLC announced closing of its $2.6 million funding round, a milestone in advancing several hydrokinetic projects in the United States.
The Series-A funding round was led by Quercus Trust of Los Angeles, a prominent investor in the renewable energy sector, Hydro Green Chief Executive Wayne Krouse said April 15.
ï¿½I am especially pleased that the Quercus Trust sees the value of our integrated Hydro+ applications,ï¿½ Krouse said. ï¿½These funds will be used to accelerate our growth, deploy our first commercially operational project, and to study additional project opportunities.
Hydro Green designs, builds, and operates hydrokinetic energy systems that can be deployed in rivers, tidal areas, and oceans. The systems generate electricity from moving water without a need to construct dams, impoundments, or conduits.
The company currently holds 13 preliminary permits from the Federal Energy Regulatory Commission for projects in Alaska and Mississippi. (HNN 3/11/08) Many of the projects are at existing Corps of Engineers dams, several featuring a combination of conventional and hydrokinetic turbines. (HNN 6/13/07)
Hydro Green expects to generate electricity at its first project in Minnesota on the Mississippi River in late August. The project is to be the first commercially operational FERC-licensed hydrokinetic power project, Hydro Green said.
Hydro Green has been working with the city of Hastings, Minn., to install hydrokinetic turbines totaling 70 kW in the tailrace of Hastings’ conventional 4.4-MW Mississippi River Lock and Dam No. 2 hydroelectric project. (HNN 7/23/07) The city must obtain an application to amend its hydropower license (No. 4306) if it is to add the new capacity to the project, at a Corps lock and dam.