Hydro Green Energy, LLC (HGE), a Houston-based hydrokinetic river power and tidal energy project developer, announced a Series A funding round of $2.6 million led by the Quercus Trust, a prominent investor in the renewable energy sector.
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+(TM)), which allows for new incremental, environmentally-friendly, renewable power generation within the existing project footprint.
"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.
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, the company said.
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.
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, Hydro Green said.
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