Hydrovolts successfully closes first investment funding round

Hydrovolts, a producer of hydrokinetic turbines for renewable energy generation, closed its first investment funding round in December 2010 and has established strategic partnerships with three other Washington companies to develop hydrokinetic turbines that generate clean energy from water currents in canals and channels.

Including other investments and cash prizes won, the company has raised more than $1m (£0.6m) since winning the National Sustainability Award at the Clean Tech Open in late 2009.

Two of the company’s investors are large engineering corporations who will be strategic partners.

Hydrovolts has since been invited to present at three prominent energy investment conferences this year.