BOULDER – Hydroelectric power developer Gravity Renewables Inc. has closed another large round of funding, according to a filing made with the Securities and Exchange Commission on Thursday.
One year after raising nearly $3.2 million in equity funding, Boulder-based Gravity has sold another $5.5 million in equity to a total of three investors.
The company, based at 1401 Walnut St., owns, operates and develops small hydroelectric power plants. The company buys or leases non-powered dams and adds hydroelectric facilities. Or it buys or leases older plants to refurbish and operate.
Gravity chief executive Ted Rose said the new funding will be used to continue acquiring more facilities and advancing the company’s development interests.
“It’s really resonating with the investor community, and we’re really excited about the vote of confidence,” Rose said. “We have all of this existing infrastructure that’s underutilized. … It’s low-hanging fruit in clean energy. So that’s our model is to go out and unlock the value there.”
Founded in 2012, the company listed on the SEC filing that it has annual revenue of less than $1 million. Gravity has 10 employees, a number Rose said would likely grow with the new funding round.
A recent press release from Gravity announcing JR Shaw as chairman of the board stated that the company has 33 megawatts of hydroelectric projects operating or being developed in the United States. According to the company’s website, Gravity’s portfolio includes projects in Rhode Island, North Carolina and New York.
Rose said there were no specific plans for hydroelectric plants in Colorado that he could discuss, but said operating facilities here is possible at some point.
“We love our home state and want to do as much work here as possible,” Rose said.