Emrgy, a renewable energy technology and project developer, has raised $18.4 million in a Series A funding round led by Oval Park Capital.
Key investors in the round include Fifth Wall, Blitzscaling Ventures, Overlay Capital, and Veriten.
Emrgy will use the VC funding to deploy distributed hydropower projects, open its new turbine assembly facility in Colorado, and expand its development, operations and engineering teams, Emily Morris, Founder and CEO at Emrgy, said.
Emrgy’s waterpower technology leverages existing underutilized waterways and infrastructure to deliver low-cost renewable power to energy off-takers. The company’s modular turbine technology minimizes disruptive construction and harvests power continuously as water flows. Their new projects will be developed in the Western US, Europe, and Australasia and provide power to agricultural, municipal, and utility offtakers.
This spring, Emrgy will open its manufacturing facility in Aurora, Colorado with an estimated capacity of 5MW per month. The company expects to employ up to 30 engineers and operations specialists at the facility in 2023.
Emrgy’s solution has already been deployed with notable commercial customers including Denver Water, Davis and Weber Counties Canal Company, and Oakdale Irrigation District domestically, among others. Emrgy has projects in New Zealand and a pilot system in South Africa.