SOURCE: Hybrid Energy Group, LLC

Hybrid Energy Group, LLC

February 19, 2009 16:39 ET

Hybrid Energy Group Honored by President Obama's Visit to Its Solar Array

Stimulus Package Signing Ceremony Took Place at Hybrid's Array on the Roof of the Denver Museum of Nature and Science; Stimulus Bodes Well for Renewable Investors

DENVER, CO--(Marketwire - February 19, 2009) - Amid the hoopla at Tuesday's President Barack Obama's visit to Denver for the signing of the $787 billion American Recovery and Reinvestment Act, a Colorado renewable energy investment firm took pride in a job well done.

Denver-based Hybrid Energy Group (HEG) is the owner and operator of the solar array on the roof of the Denver Museum of Nature and Science, which President Obama and Vice President Joe Biden toured Tuesday during the bill-signing ceremony.

"It was a spectacular event for Colorado and the renewable energy industry, and we are pleased that our solar array was the backdrop to this important moment in history," said HEG President, Woody Beardsley. "The stimulus package will double the amount of renewable energy produced over the next three years and that bodes well for clean energy projects across America."

The $720,000 museum array includes 465 solar panels generating 134,500 kilowatt hours of electricity on average -- enough to power 30-35 homes. Under the terms of a twenty-year agreement, Hybrid Energy Group owns and operates the photovoltaic array, selling the solar electricity it generates to the museum. Namaste Solar was the installer on the project.

"We structured the development and ownership of the array so that an investment in solar energy was much more attractive to the museum," said Beardsley. "By working with HEG, the museum was able to acquire renewable energy for less than if it had purchased the array on its own."

The Museum solar project is the first in a broader Community Solar Program HEG is unveiling to provide solar power to non-profit institutions and governmental entities. "Our business model is designed specifically to benefit community institutions like museums, schools, and hospitals," said Ted Ramsey, HEG's Director of Energy Services. "These are community entities that are naturally committed to the President's long-term vision of health and sustainability, so we've designed our projects to pass as much value as possible through to them as system hosts."

The company is pleased to be achieving success during the economic downturn and recently closed a second financing round. "We're bullish on renewables," said Beardsley. "From what we can tell of the Stimulus Bill, more people are going to be in a position to take advantage of solar investment opportunities than were yesterday at this time."

About Hybrid Energy

Founded in 2005 to facilitate investment in renewable energy resources, Hybrid Energy Group is in the process of expanding their Community Solar Program for commercial, governmental, and non-profit entities and expects to develop an additional Megawatt (1mW) of solar power by the end of 2009. For additional information about HEG and the Community Solar Program contact, Woody Beardsley or Ted Ramsey at 303-495-2216 or visit www.hybridenergygroup.com

Contact Information

  • For additional information about HEG and the Community Solar Program
    contact:
    Woody Beardsley
    or
    Ted Ramsey
    303-495-2216
    www.hybridenergygroup.com

    Hybrid Energy Group, LLC
    1615 California Street, Suite 613
    Denver, Colorado 80202