"This cash infusion will enable dynamic growth for Hydro Green Energy," said Wayne F. Krouse, founder of HGE and newly named Executive Vice President of Technology. "Our ability to secure funding in such a difficult economic climate validates our work to date and our vision of the future."
The new funds will be used to expedite the development of HGE's nearly 1000MW pipeline of low-head hydropower projects. The company will hire additional technical, commercial and regulatory personnel, to facilitate the successful development of HGE's projects. In addition, the company will continue to fund the research and development of its hydro technologies.
"We have reviewed numerous renewable energy companies and technologies and are excited to jump into the hydropower sector by funding Hydro Green Energy," said Mike Childers, President of Providence Renewables, LLC. "What's more, we believe that our initial investment is just the beginning of the growth the company can expect in the next several years. Hydro Green Energy now has the financial resources to grow rapidly and to capitalize on its ability to deliver baseload renewable energy that is cost competitive with fossil fueled resources."
Michael P. Maley, who has developed over 10,000MW of electric power facilities in his 25 year career, stated: "I am thrilled to join Hydro Green Energy and look forward to working with the management team to lead a new era of responsible and aggressive hydropower growth in the United States. I started my career in nuclear power and have participated in virtually every technology. I selected Hydro Green Energy because its technology produces competitively-priced power with a low environmental impact. This, in conjunction with new, pro-hydro policies, is a winning combination."
Hydro Green Energy developed and installed the only commercial, FERC-licensed hydrokinetic power plant in the US, in Hastings, Minnesota. The project, which uses HGE's patented technology, was approved by a 5-0 vote by the Federal Energy Regulatory Commission on 13 December 2008.
The company is presently developing 34 low-head hydropower projects at existing non-powered dams in Alabama, Iowa, Illinois, Kentucky, Louisiana, Minnesota, Missouri, Mississippi, North Carolina, Ohio, Oklahoma, Pennsylvania, Wisconsin, West Virginia and Texas. Permits are pending on numerous other proposed projects. The company's initial project pipeline will result in the development of nearly 1000 MW of renewable electricity that is eligible for a variety of clean energy incentives adopted at the federal and state levels.
In April 2009, HGE was presented with the national-hydropower-association's prestigious President's Award in recognition for the successful licensing and installation of its Hastings Project.