First Commercial Hydrokinetic Power Project Approved by FERC

"The Commission has made history with the Hastings Order. Hydro Green Energy fully applauds all of the Commissioners for their leadership, as well as their commitment to ensuring that the United States enjoys a cleaner and more secure energy future," said Wayne Krouse, chairman and CEO of Hydro Green Energy. "Hydro Green Energy is a proud partner of the City of Hastings and is anxious to deploy its technology.  What's more, it's only fitting that this project is located in the Mississippi River, America's most well known river."

The City of Hastings is installing a Hydro+ project at its 4.4-megawatt run-of-river hydropower plant on the Army Corps of Engineers' Lock & Dam No. 2. The power generated by the two hydrokinetic units, which each hold a nameplate capacity of 100 kilowatts, will be placed on the electric power grid through Hastings' existing electrical infrastructure. One turbine will be installed in December and one in April 2009. Once the project is operational, extensive water quality, fish survival and avian studies will be performed by Hydro Green Energy.

Hydro Green Energy's technology operates in open rivers, tidal areas and oceans. Its broadly patented technology (U.S. Patent #6,955,049), which is the first surface-suspended system in the industry, is also deployable downstream from existing hydropower facilities. Hydro Green Energy closed its US $2.6 million Series-A funding round in April, which was led by the Quercus Trust. Hydro Green Energy is presently negotiating its Series-B funding, which the company said that it expects to soon close.