Lucid raises $5.7M for in-pipe energy projects
By Andy Giegerich
Digital Managing Editor
Lucid and its CEO Gregg Semler are continuing a fundraising hot streak.
Lucid Energy has raised $5.7 million as it continues to craft its in-pipe hydroelectric system.
The company, in a Securities and Exchange Commission filing, revealed it collected the money in equity from eight accredited investors.
Lucid revealed in June it had landed a key investor. Site-Based Energy Global agreed to serve as the principal investor and operator for a critical Portland project.
The funding may not represent a complete round for Lucid. The company indicated it’s seeking $8 million in its current financing efforts. Such figures given to the SEC, though, are often fluid.
Lucid indicated on its filing that its revenue ranges between $1 and $1 million.
The company had also nabbed a $600,000 fundraising round from an Israeli crowdfunding endeavor earlier this year.
Lucid’s in-pipe hydroelectric system is expected to be operational by October. It’s being installed as part of a system upgrade at Southeast Powell Boulevard and 147th Street in Portland.
Lucid’s CEO Gregg Semler expects the $1.7 million project to generate an average of 1,000 megawatt hours of energy per year from the water flowing through the pipe, enough electricity to power 150 homes.
Semler wasn’t immediately available for comment by SBO’s press time.
The Portland project marks Lucid’s first commercial operation. The company is talking with other cities about similar projects. It plans to work on hydroelectric turbine efforts in San Antonio.
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