Mayor Michael R. Bloomberg and Lieutenant Governor David A. Paterson today announced that Roosevelt Island Tidal Energy (RITE) project has now generated and delivered the world's first kinetic hydropower to local businesses.  Kinetic hydropower is an emerging form of renewable energy derived from the natural flow of water, without the use of dams.  RITE is using the first free-flow tidal turbines in the world, providing more than 1000kW hours per day of clean, emission-free electricity to Roosevelt Island.  The turbines are operated by Verdant Power, Inc., a global integrator of kinetic or "free-flow" hydropower systems and a leading marine renewable energy developer of dam-less hydropower sites.  Joining the Mayor and Lieutenant Governor at the announcement were Executive Vice President, Corporate Affairs & Chief Environmental Officer for KeySpan Energy, David J. Manning, and Ron Smith, CEO of Verdant Power. 

"Supporting innovative projects like Verdant's is an important part of PlaNYC  and will help us meet our goal of reducing New York City's greenhouse gas emissions by 30% by the year 2030," said Mayor Bloomberg.  "In addition, today I'm announcing that the City is issuing an RFP for emissions free electricity from solar power generated on City owned buildings.  This should send a message to the solar power industry: 'We want your business.'  Because we expect our population to grow by nearly a million people between now and 2030, it's important that we do everything we can to limit our impact on climate change, including supporting the development of more renewable energy sources.  We hope that water turbines, solar panels, and other sources of renewable energy will will be the norm in the coming decades, but that will only happen if we support these technologies and industries today."

"The successful deployment of this historic under water technology will result in clean, sustainable energy sources for our communities, and meet our obligation to be environmentally conscious in developing renewable energy technologies," said Lieutenant Governor Paterson.  "This project will bring economic benefits to our upstate communities where the turbines are manufactured, while providing power for smart, sustainable growth throughout the state."

The Verdant Roosevelt Island Tidal Energy (RITE) Project was initiated in 2002.  After several years of research and development, it is now producing more than 1,000 kilowatt hours per day of clean, sustainable, emission-free electricity for Gristede's Supermarket and the Roosevelt Island Operating Corporation (RIOC) "Motorgate" parking garage in New York City's Roosevelt Island.  The RITE Project's second of three phases comprises 6 turbines-5 with 35 kW name plate generators and one equipped with a dynamometer for monitoring project operations.  The RITE Project also has incorporated over $2 million in fish monitoring equipment. To date, there have been no detectable impacts on fish or the marine environment. At the site's full capacity it could produce 10 MW, enough for 8,000 homes.

The Roosevelt Island Tidal Energy (RITE) project has already set a number of world precedents for energy delivery including:

• First kinetic hydropower technology to deliver electricity to end-user customers
• First multi-turbine kinetic hydropower field installed and operated
• First grid-connected multi-turbine kinetic hydropower field installed and operated
• First fully bidirectional tidal operation
• Most hours of continual operation of any kinetic hydropower technology
  (40 days x 24hrs./day = 960 hours)

"At Keyspan we have a responsibility to provide clean, reliable, affordable energy to our customers," stated David J. Manning, Executive Vice President, Corporate Affairs & Chief Environmental Officer, KeySpan Energy. "Verdant Power and their RITE Project are charting a new course that will help us meet our customer's needs with clean sustainable electricity from free moving water."

"Verdant Power has established a leading position in the ocean energy and wet renewables market," said Ron Smith, CEO of Verdant Power.  "Much of this progress has been the direct result of support from New York State.  On behalf of all of us at Verdant Power, our thanks to Roosevelt Island,  New York City, the State of New York, and  the New York State Energy Research and Development Authority."

Also at today's event, the Mayor announced that the City of New York will issue an RFP this fall for 2 mega watts of solar capacity for a pilot program aimed at creating long-term fixed price power for the City, and offsetting approximately 230 million tons of greenhouse gas emissions over the life of the contract.  The City will work in partnership with the winning bidder to install on-site solar systems on NYC owned buildings.  The City will not pay for the installation, but will contractually agree to purchase electricity from the winning bidder over a 20 year period. The developer will install, own, finance, and maintain each solar power system.  For the City, this a way to pilot more innovative ways to finance solar installations, helping make it more cost competitive with our standard electricity prices.  If successful, the City hopes to increase the amount of solar electricity it purchases and encourage its university partners and others to follow the City's lead.

About Verdant Power, Inc.:
Founded in 2000, Verdant Power, Inc., a sustainable energy company, is a systems innovator, integrator, and developer of free-flow turbine system projects that generate utility and village scale electric power from natural underwater currents, which can be found in rivers, tides, oceans, and manmade channels. In addition to delivering affordable and safe electrical energy, the systems can be adapted to develop other community-based services, such as irrigation, desalinization, creating potable water, oxygenating anoxic waters, and producing hydrogen through electrolysis. The Company's Roosevelt Island Tidal Energy (RITE) project is the first grid-connected kinetic hydropower system (KHPS) in the world and seeks to make New York City the world's largest major renewable energy city. An array of axial-flow turbines is mounted on the bed of the East River to harness the kinetic energy of the tidal stream and convert it into clean, renewable electric power.  Verdant Power has pioneered the development of KHPS technology and is the recognized leader in free-flow tidal and river renewable energy systems in the world. Headquartered in New York, NY, the firm also has offices in Arlington, VA and Burlington, Ontario, Canada.