Hydrovolts closed its over-subscribed Series A funding round in December 2010. Including other investments and cash prizes won, the company has raised over $1 million since winning the National Sustainability Award at the Clean Tech Open in late 2009. Two of the company’s investors are large engineering corporations who will be strategic partners.
Hydrovolts will partner with MERA Technologies, Inc. (MTI) to develop a new submersible generator that enables the efficient harvesting of water energy at low revolutions per minute (RPM) without the need for gear boxes and with very reliable operation. MTI designs and produces Permanent Magnet Generators in China for customers worldwide. The generators use neodymium “super magnets” over which China has global supply domination. MTI supplies marine power generators to the boating industry and has recently become a supplier of generators to the Chinese government.
“Nature’s energy runs at low RPM, but standard generators have to run fast” said Hydrovolts CEO Burt Hamner. “Our solution for low-RPM hydrokinetic power generation finally makes micro-hydropower cost-effective. It is also going to become important for small wind turbines and small-scale traditional hydropower. Development of these energy sources has been slow partly because the standard generators are not cost-effective at slow RPM. Our new design and partnership with MTI gives us great manufacturing capability, and also direct access in China to the rare-earth magnets that make these new generators so efficient.”
A Seattle consulting firm with deep roots in China, Sierra Asia Inc. will advise Hydrovolts on its China market development. Located within the Seattle Chamber of Commerce offices, Sierra Asia’s principals are long-time US trade negotiators familiar with the extensive state and national programs that support US companies with great export potential.
Hydrovolts will also partner with the Ershigs Corporation, based in Bellingham, Washington. Ershigs manufactures fiberglass pipe and large components for industrial applications and currently is designing and building fiberglass composite components for various wind and wave energy companies. Ershigs has made an investment in Hydrovolts and will provide turbine engineering and prototype assistance and parts such as rotor blades and floatation tanks for the production models.
