Can a new generation of hydropower dams save the energy transition?
Hydropower is the world's largest source of renewable electricity and is expected to remain so into the 2030s. A startup called Hydrogrid is working to unlock efficiencies from existing dams and develop new, smaller-scale hydro projects with less environmental impact.
Hydropower generates more energy than all other renewables combined. However, in Europe, investment in hydropower is low due to high environmental impact. Hydrogrid, an Austrian startup, is developing an IoT-enabled platform to help hydroelectricity plants run more efficiently. The platform informs managers of the best time to sell electricity to the grid and enables quick reaction to weather events. Hydrogrid claims it can boost power generation by 10% and revenues by up to 50%. The company has secured $8.5mn in Series A funding to expand into new markets.
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