MANHATTAN, N.Y., April 18, 2024 (GLOBE NEWSWIRE) -- Relevate Power, previously known as Elevate Power, unveiled its strategic rebranding today alongside its announcement of an equity raise to augment its project acquisition war chest and enhance its cutting-edge 24/7 renewable energy asset management and brokerage platform.
Relevate Power’s approach is unique in the renewable energy industry. “We’re a large-scale redeveloper of hydro assets – most of which have tremendous untapped potential,” says Matthew Wenger, CEO of Relevate. “We acquire portfolios of these important historic facilities and supercharge them – dramatically increasing their generation and lowering their operating costs. Over the years, we have developed sophisticated analysis, automation, and upgrade methods that allow us to completely transform the returns on this important renewable energy resource. We don’t have to wait for new interconnects; we generate cash flow, and local impact, on day one. Then we force multiply it.”
Today, Relevate owns and operates 22 run-of-river hydropower facilities across the northeast. The company is on track to triple its footprint by the end of 2024, investing heavily in the Midwest while augmenting its New England portfolio.
“To ‘relevate’ means to lift up or restore the character of. This announcement is emblematic of both our renewed focus and our accelerated growth strategy,” said Goksenin Ozturkeri, Chief Investment Officer of Relevate Power. “Timing is everything, and it is a great time to be a buyer in this market. Our rebranding better aligns with the Company’s ambitious vision and the additional corporate capital ensures we can execute on it.”
“With the capability to generate a massive amount of low-carbon electricity, hydropower has long been recognized as one of the keys to a clean energy transition, and we are keen on the large market opportunity to enhance the performance of the 1,800+ small hydropower plants across the U.S.,” said Benjamin Baker, Managing Director at Greenbacker Development Opportunities, which invested in Relevate through its Greenbacker Development Opportunities Fund I. “Led by a skilled management team with decades of experience in the power and hydropower sectors, Relevate’s unique business model transforms underperforming hydropower assets and improves operations to deliver 24/7 clean power to local communities.”
About Relevate Power
Relevate Power was founded in 2021 from the merger of IPPs Dichotomy Power and Clear Energy, and the power marketing firm Standard Power. Its mission is to redevelop underutilized hydropower plants providing affordable 24/7 clean energy to rural America’s most impactful organizations. Relevate Power is backed by Greenbacker Development Opportunities Fund I, LP, a middle-market private equity strategy that invests in growing sustainable infrastructure platforms serving high-value markets across the US, which is managed by Greenbacker Capital Management, LLC.
For more information, visit www.RelevatePower.com.
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