CURRENT ENERGY WINS BIG

Hydrovolts Wins Imagine H2O Prize, Latest in Industry Recognitions
March 21, 2011 (Hydrovolts)

"Hydrovolts Inc., producer of innovative hydrokinetic turbines for renewable energy generation, won First Place [among 50 companies] in the Imagine H2O Water-Energy Nexus Prize, adding one more industry accolade for its solid business model and marketable technology…"

[Burt Hamner, CEO, Hydrovolts:] “This prize underscores…Hydrovolts’ enormous market potential to produce electricity from slow-moving water systems, such as irrigation canals, and deliver clean electricity to farms, businesses and consumers nearby…Canals are an untapped energy resource, and they are essentially the same around the world so we expect to expand our impact rapidly…”

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"Imagine H2O’s judging panel featured many of the water sector’s leading experts. The 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…

"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. Both firms have significant clean tech and energy practices…[T]he 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."

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"Hydrovolts currently is manufacturing a prototype 25 kW hydrokinetic turbine with an initial investment by DLZ Corp., U.S.-based civil engineering firm, for testing in the Chilla Canal in India. 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…

"The company recently closed its first financing round which 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…[It] has won several awards…[and] become popular on the venture capital exhibition circuit…"