This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Lake Erie Wind Turbine Project, 'Icebreaker,' Wins $5 Million In New Funding

CLEVELAND, Dec. 12, 2012 /PRNewswire/ -- The U.S. Department of Energy (DOE) announced today $5 million in new funding for Lake Erie Energy Development Corporation (LEEDCo), the non-profit corporation leading the effort for the first freshwater offshore wind project in the nation.

Through a one-year cooperative agreement, the DOE has committed $4 million to support the advancement of the offshore wind energy project known as "Icebreaker", which consists of five to nine wind turbines seven miles off the coast of Cleveland in Lake Erie.  LEEDCo's private partners committed an additional $1 million in cost share as part of the agreement.

"Icebreaker" is one of only seven offshore wind energy projects that DOE awarded funding today and the only one in the Great Lakes.  The selected demonstration projects will help address key challenges associated with installing utility-scale offshore wind turbines, connecting offshore turbines to the power grid, and navigating new permitting and approval processes. 

The DOE is making available up to $180 million over the next five years to help accelerate the deployment of breakthrough wind power technologies.  "Icebreaker" could potentially receive an additional $46.7 million in federal funding. 

" The United States has tremendous untapped clean energy resources, and it is important for us to develop technologies that will allow us to utilize those resources in ways that are economically viable," said U.S. Secretary of Energy Steven Chu. "Today's announcement of awards to the first offshore wind projects in the U.S. paves the way to a cleaner, more sustainable and more diverse domestic energy portfolio that develops every source of American energy."

"The DOE funding for 'Icebreaker' is a testament and vote of confidence for LEEDCo's world-class team members and partners," said LEEDCo President Dr. Lorry Wagner.  "After a highly-competitive evaluation process, I am excited and proud to say that 'Icebreaker' was selected for its innovation and expertise in wind energy development, paving the way for future financial support from the Department of Energy and private investors."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs