Fieldstone Energy has announced it has secured initial funding for further development of ocean wave technology and river based hydroelectric green energy generation. The funding was awarded from ELC Corporation, a private equity stakeholder in Portland, Ore.
“This initial round of capital will allow us to finalize design and site identification in preparation for the first project,” CEO Brian Meano said. Fieldstone Energy has patented technology-utilizing impoundment areas serviced by hydraulic buoys that allows for non-intermittent green energy generation from various hydro applications. The application is particularly useful in low/high head river applications with thirty feet of fall or less, which will be the target for initial installations.
Fieldstone Energy was founded in 2002 by Meano and is based in Tulsa.