Teng Yang
Case Western Reserve University - Weatherhead School of Management
Chris Laszlo
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Verdant Power systems employ underwater turbines to generate clean energy from the currents of tides, rivers and man made channels. The systems are invisible from shore and do not require dams, impoundments or major civil works.
Verdant Power’s Kinetic Hydropower System (KHPS) is a water-to-wire system utilizing horizontal-axis turbines that convert the kinetic energy of fast-moving (> 1 m/s) water currents into clean renewable electricity. The KHPS can be placed in tidal, river and channel resources and is installed fully under water, invisible from shore, and does not require dams or impoundments. Verdant Power have an array of up tp 30 KHPS in the East river in New York City since 2012.
The founder, Trey Taylor, saw the opportunity for this kind of product in the late 90s. The global market is moving toward deregulation and environmentalism. Trey has a political science background and saw that global warming and scarcity of fossil fuel is the primary culprit for global instability. He went on to argue "Syria conflict started with climate change". Trey told me to "never chase money, do what you love, and what ever you do has to do good in the world."
Trey formed a team in 1998 to look for hydro power generation technologies that could be marketable. The team found the right technology at NYU’s applied science department. The innovator of KHPS design, Dean Corren, join the team in 2000. Verdant Power was founded in the same year. The first generation of KHPS was design and tested in the 1980s in Pakistan.
The innovation was intended to be a sustainable business from inception. The founder saw energy scarcity as a source of conflict across the world and in history. He also saw that global warming increasing frequency and magnitude of natural disasters globally which in turn cause social economic pressures around the world. To this day Trey is helping proliferate the technology around the world to reduce reliance on carbon-based energy.
This Innovation will harness the largely untapped renewable energy in waves, tidal, ocean, and river currents that could provide clean, affordable energy to homes and businesses across the country's coastal regions." The RITE project is currently providing power to ~9500 New York residences. Verdant Power is doing feasibility studies in Turkey. Verdant Power has also partnered with Belleville Duggan Renewables Ltd. to develop commercial tidal energy projects at sites in Ireland and the UK under the joint venture Verdant Isles Ltd. Because the KHPS technology does not require dams, it is less expensive to implement and has less environmental impact. The KHPS technology can also be used in coastal areas to capture energy from tidal forces.
Verdant Power has multiple Clients across the world including operations in Turkey, Ireland, UK, and China. The company currently has revenue of $18 million and around 20 full time employees. Verdant Power generates income from initial site surveys, selling KHPS arrays, providing training to end users,, and servicing the generator in use. Verdant Power help find suitable sites for the KHPS arrays. Once a site is determined, Verdant power will work with local authorities to obtain the necessary permits to install KHPS arrays. Next the utility company will pay for the KHPS arrays. Once the arrays are installed there will be servicing agreements in place between the utility company and Verdant Power.
The KHPS will reduce the consumption of fossil fuels, improve power grid resilience, and bring electric power to remote areas. Reducing fossil fuel use will slow climate change and therefore reduce the “The Greatest Threat To Global Security” according to UN. CO2 Emission reduction from just the RITE project is between 42.7 to 75.95 us tons depending on fuel type.* Verdant Power promotes sustainable production of electric energy to power our ever-growing cities
Verdant is generating as many as 200 temporary construction jobs and 20 permanent operations and maintenance jobs in its operation in Turkey. Verdant Power's venture in Ireland has "the potential to create up to 250 Irish jobs in the resulting global supply chain." Trey has the vision of assembly and maintenance facilities wherever the KHPS systems is deployed, and these facilities will employ local laborers and management personnel.
The KHPS will bring power generation closer to the source of demand thus moving us closer to microgrid system design (decentralized power generation). Decentralized power generation reduces transmission losses and lowers carbon emissions at the same time increase grid resilience. Long term decentralised energy can offer more competitive prices than traditional energy. While initial installation costs may be higher, a special decentralised energy tariff creates more stable pricing.
Verdant Power is working with regulatory agencies around the world to both expand their business and also pioneer in the regulatory field for other companies to follow.
*70,000 of kWh of power produced so far, 1.22 lb of CO2 per kWh power from natural gas, 2.17 lb of CO2 per kWh power from Lignite Coal.
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Trey Taylor, Co-Founder & President
