Houston-based Hydro Green Energy LLC and the Wind Energy Systems Technology Group (W.E.S.T.) have agreed to explore wind-hydrokinetic ocean current power development. Hydro Green Energy and W.E.S.T. plan to use the Gulf of Mexico's wind and water currents to generate nearly 5,000 MW of renewable electricity.
To better secure its exploration agreement with W.E.S.T., Hydro Green Energy recently filed 10 preliminary permit applications with the Federal Energy Regulatory Commission. If granted, the preliminary permits would allow Hydro Green Energy a three-year exclusive right to develop the hydrokinetic portion of the projects in Texas waters.
Hydro Green Energy is now negotiating its series-B funding, which the company expects to close by the end of the year. The company plans to commission a manufacturing facility in 2009 to support the development of its projects.
SOURCE: Hydro Green Energy LLC