Hydropower developer Hydro Green Energy LLC announced it has secured an equity capital and project development investment from Providence Renewables LLC of Dallas, Texas. HGE also announced the appointment of Michael P. Maley as president and chief executive officer.
"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 value of the new funding was not disclosed.
The new funds will be used to expedite the development of HGE's nearly 1,000-MW pipeline of low-head hydropower projects. The company will hire additional technical, commercial and regulatory personnel, who will facilitate the successful development of HGE's projects. In addition, the company will continue to fund the research and development of its innovative hydropower technologies.
Hydro Green Energy developed and installed the only commercial, FERC-licensed hydrokinetic power plant in the US, in Hastings, Minnesota.
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.
Newly-appointed HGE CEO Michael Maley has 25 years of experience developing, designing, constructing and operating power generation facilities. He has developed or acquired more than $5 billion of electric generating assets and negotiated power purchase agreements in excess of $25 billion. Prior to joining Hydro Green, Maley was president and chief executive officer of Perpetual Energy Systems, a solar energy company. He also served as president and chief executive officer of Alliant Energy Generation, a subsidiary of Alliant Energy.
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