Lucid Energy, a developer of renewable energy systems, has raised an undisclosed amount from Israel’s OurCrowd, a hybrid venture and crowdfunding platform. Terms were not disclosed Lucid Energy is based in Portland, Ore.
Lucid Energy, a provider of renewable energy systems and developer of the LucidPipe™ Power System for in-conduit hydropower, today announced that the company has received funding from OurCrowd, Israel’s hybrid venture capital/crowdfunding platform. OurCrowd links accredited investors with dynamic, early-stage companies seeking venture capital. Lucid Energy, based in Portland, Oregon, is the first US company to be featured in OurCrowd.
OurCrowd was founded by veteran high tech venture capitalist Jonathan Medved and ten other top Israeli investment professionals. Medved, named by the Washington Post, “as one of Israel’s leading venture capitalists,” was invited as a keynote speaker last year at the newly formed Oregon-Israel Business Alliance (OIBA), an organization that was created to expand business and economic relations between the State of Oregon and Israel. It was at this event that Medved met Lucid Energy president and CEO Gregg Semler and became aware of the company’s LucidPipe technology and his desire to explore opportunities in Israel.
“In Israel, we are passionate about clean water and renewable energy technologies,” said Medved, founder of OurCrowd. “Water is our most critical resource, and as a result we have become a global leader in smart water by necessity. When we saw considerable interest in the LucidPipe technology from a major Israeli water agency, we realized that Lucid Energy is a game-changer for water agencies who constitute one of the world’s largest consumers of energy.”
Lucid Energy is using the OurCrowd funding to globally roll out the LucidPipe Power System, which is the first cost-effective hydroelectric system to generate low-cost, renewable energy from fast-flowing water inside of large-diameter municipal, agricultural and industrial pipelines. The first commercial installation of the system in Riverside, California has been in operation since January 2012 and the company is currently installing systems in Portland, Oregon, San Antonio, Texas and Haifa, Israel.
“We are thrilled to be working with OurCrowd,” said Gregg Semler, CEO of Lucid Energy Inc. “The speed and efficiency of the OurCrowd platform – which has brought entrepreneurial investors to us from as far away as Israel, New York, Brazil and Australia – is amazing.”
“Lucid Energy has provided a unique solution to a fast growing market,” commented Elan Zivotofsky, OurCrowd General Partner. “Water usage worldwide is growing rapidly, and in order to meet this demand, thousands of miles of water pipelines are being built in fast-developing countries while, at the same time, many of the world’s existing pipelines are aging and in dire need of repairs.”
In the U.S. alone, the EPA estimates that $650 billion in water infrastructure upgrades will be needed to replace aging pipelines and to satisfy new demand over the next 20 years. The LucidPipe Power system offers a way to turn these water pipelines into low cost, renewable energy generators that provide a consistent and predictable flow of electricity.
“It makes so much sense to let fast-moving water pass through a turbine and generate cheap electricity without impacting water delivery,” added Zivotofsky.
OurCrowd is an equity Crowdfunding platform for accredited investors who wish to invest in Israeli startups. Managed by a team of well-known investment professionals lead by serial entrepreneur Jon Medved, OurCrowd selects opportunities, invests its own capital, and brings opportunities to its membership. Members choose those deals they invest in via OurCrowd-managed partnerships. OurCrowd investors must meet stringent accreditation criteria and invest a minimum of $10,000 per deal. OurCrowd provides post investment support to its portfolio companies, assigning industry experts as mentors and taking Board seats. For more information, please visit www.ourcrowd.com
About Lucid Energy
Lucid Energy was formed in 2007 with the mission of creating a new way for industries – particularly those that use large amounts of water and electricity – to turn the untapped energy of moving water into cost-saving, renewable energy. In 2008, Lucid Energy formed a strategic relationship with Northwest Pipe Company (NASDAQ: NWPX), the largest manufacturer of steel water transmission pipe in the United States. The two companies collaborated on the development of the lift-based turbine design that is the foundation for the LucidPipe in-pipe hydropower system.