Gravity Renewables raises $3.2 million

BOULDER – Gravity Renewables Inc. raised $3.2 million to buy and refurbish small hydroelectric power plants around the United States, according to a U.S. Securities and Exchange Commission document.

Lorem Partners investment firm and Canoe Financial investment firm, both based in Canada, and Summit Energy Development Group, a subsidiary of Summit Global Management in San Diego, California, led the equity financing round, according to a press statement.

In all, six investors bought $3,161,600 in equity in the Boulder-based company, according to the SEC document. A Gravity representative did not immediately respond to a request for comment about the financial details of the transaction.

“Many great small hydro power projects have been around for generations and Gravity, with the support of its investors, will help ensure they continue to provide clean energy to their communities for generations to come,” Ted Rose, chief operating officer at Gravity, said in the press statement.

In all, Gravity currently owns and operates or is developing 28 megawatts of hydroelectric power projects in the United States. The company purchased Rivers Electric Company Inc., owner of the Mill Pond Hydroelectric Plant in central New York, in March. That plant produces about 2.8 million kilowatt hours each year, enough to power 296 homes.

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