Verterra Energy, Inc. raised 50% of its $600,000 offering from one investor via a non-brokered private equity placement. The company has earmarked an estimated $48,000 toward the payment of executives salaries. Verterra offered since 2012 an estimated $2.9 million in equity, it is unclear exactly how much was raised in 2012.
The company designed a low profile vertical axis hydro-kinetic turbine to harness the power of low-flowing water to generate approximately 10kW of clean renewable electricity. The turbine can be used in rivers, man-made canals, waterways, tidal areas and ocean currents. Multiple turbine can be combined in pods to increase the electricity output at will. The turbine’s scalability feature makes it an ideal candidate for markets ranking from the home owner to municipalities or utilities and its relatively low deployment cost make it suitable for installation in rural communities and developing countries. The turbine design is patented and further technical information can be found at the US Patent and Trademark Office.
The turbine is the brain child of the company’s founder Theodore “Ted” J. Christopher (Chairman and CEO). The management team includes: Christopher “Chris” L. Pederson, Neil C. Doty and Dave J. Roby. The company is headquartered in Brooklyn Park MN and was founded in August 2010.