Seattle-based Hydrovolts Inc., a producer of hydrokinetic turbines, won First Place in the Imagine H2O Water-Energy Nexus Prize, beating out more than 50 competing companies from around the world.
Hydrovolts says its turbines offer an economical and easy way to
generate local clean power in millions of locations around the
world, including water canals, dam tailraces, thermal cooling
discharges, water and wastewater treatment plants, rivers and tidal
channels.
The company currently is manufacturing a prototype 25 kW hydrokinetic
turbine with an initial investment by U.S.-based civil
engineering firm DLZ Corp. The unit will be tested in the Chilla Canal in India.
Hydrovolts wins $20,000 in cash from prize sponsors, and $30,000 in
professional services from the attorneys at Cooley LLP and the
accountants at PwC. As part of the Imagine
H2O Accelerator program the firms will help Hydrovolts establish its
California market presence, apply for state-based renewable energy
incentives, meet potential investors, and create an advisory group of
state experts and investors.
Imagine H2O’s top 10 finalists are rewarded with access to Imagine H2O’s
Accelerator program where they are provided industry expert mentors and
professional services. The judges evaluated all business plan entries
based on commercial viability.
“Only a small number of water start-ups receive funding each year
because while there are many existing technologies that hold promising
solutions, few can offer the business model to effectively enter the
market,” says Tamin Pechet, co-founder and chairman of Imagine H2O, a
competition designed to accelerate innovation in water technology.
Hydrovolts recently closed its first financing round which it says was
over-subscribed by angel and corporate investors. Hydrovolts has
collaborations with the U.S. Department of Energy, the University of
Washington, the Harvard School of Engineering and Applied Sciences, the
Woods Hole Oceanographic Institution, and Raytheon Integrated Defense
Systems.
DLZ has
indicated it could order an additional 400 turbines and place them in
the canal leading up to the traditional hydropower plant. Hydrovolts
estimates that 400 turbines will sell for about $20 million.
Loading...