Our Business Overview
The U.S. Department of Energy (DOE) is investing heavily in modernizing existing hydroelectric facilities across the country, with many projects located in the East. The DOE announced over $430 million in funding in 2024 for 293 hydroelectric dam improvement projects in 33 states. Improvements include upgrading turbines, generators, and control systems; improving dam safety; and enabling environmental upgrades. We have secured a modernization order to upgrade two hydropower units at Saluda Hydro PowernPlant (South Carolina) facility.
Pumped-storage projects
Declining new construction: Unlike in the early to mid-20th century, new large-scale conventional hydro dams are rarely built in the US due to high costs, environmental concerns, and limited suitable locations.
Focus on upgrades and pumped storage: Current large-scale hydro efforts are instead focused on upgrading and modernizing the aging fleet of existing facilities and developing pumped-storage hydropower to support the grid's transition to intermittent renewable energy sources like wind and solar.