Lucid Energy to sign MOU with city of Portland
By Christina Williams
Sustainable Business Oregon editor
Lucid Energy will work with the City of Portland to further build out its product line of in-pipe power-producing turbines.
Lucid Energy Inc., the city of Portland, the Portland Water Bureau and the Portland Development Commission will sign a memorandum of understanding Friday to work together to develop an in-pipe hydropower system within the city.
Lucid Energy, a clean energy company funded by Northwest Pipe, officially opened its headquarters in Portland in August. Its technology uses an in-pipe turbine to generate power within water systems.
Lucid's technology was tested and refined in a series of pilot projects with the Western Municipal Water District in Riverside, Calif.
Gregg Semler, the Portland venture capitalist who was tapped to lead Lucid Energy as its CEO, said the Portland MOU is not about proving the technology.
"Our collaboration with the Portland Water Bureau is about scaling the product line and creating more local jobs targeting the opportunity for clean energy," Semler said.
"The city has also agreed to introduce us to like-minded cities in the U.S. and abroad that share Portland’s focus on shifting to more sustainable, renewable sources of energy," he added.
The MOU will also call for a collaboration with the city to hold a first-ever symposium on what's becoming known as in-conduit hydropower to be held in Portland.
Lucid Energy is pursuing a $5 million round of venture capital to fund its growth in Portland.
Anne Mangan, spokeswoman for the Portland Development Commission, confirmed the MOU would be signed by officials from the company and the city on Friday.
@SustainableBzOR | email@example.com | 503.219.3438
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.