Hydropower project operator and developer Gravity Renewables has closed a second round of financing that will be used to acquire and refurbish small hydroelectric plants across the United States, the Boulder-based group has announced.
Documents filed with the U.S. Securities and Exchange Commission show the total investments raised by Gravity Renewables equals US$3,161,600. Participating in the deal are Canadian investment firms Lorem Partners and Canoe Financial, in addition to the U.S.-based Summit Energy Development Group.
"We are pleased that the investment community continues to support Gravity Renewables and the small hydropower industry and Gravity's efforts to harness America's cleanest and most efficient energy resource," company chief operating officer Ted Rose said. "Many great small hydropower projects have been around for generations and Gravity, with the support of its investors, will help ensure they continue to provide clean energy to the communities for generations to come."
Gravity Renewables currently has 28 MW of hydroelectric capacity in operation or being developed across the United States.
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