“The turbine, which is suspended under a barge anchored downstream from the dam’s spillway, is the first project of its kind licensed by the Federal Energy Regulatory Commission, “said Wayne Krouse, chairman and chief executive of officer of Hydro Green Energy. That approval is important as it lets the turbine operate into the domestic electric grid and paves the way for future projects, he said.
Krouse got the idea for the company several years ago while flying above the Pacific Ocean on a business trip for Exxon Mobil’s chemical business.
Hydro Green Energy closed on $2.6 million in financing in 2008, together with money from Quercus Trust, a venture capital firm that specializes in “green” investing.
Finding investors in Texas has been discouraging, Krouse said.
“Houston has this immense wealth, but it seems people here only understand real estate and oil and gas,” he said. “No one has any interest in renewables, which seems ironic, given we’re the energy capital of the country.”
