The self-driving vehicle company, Aurora, has made an agreement to go public. This announcement comes after Aurora’s merger with Reinvent Technology Partners Y, a SPAC with an implied valuation of $13 billion.
Since its founding in 2017, Aurora has raised $1.22 billion in private capital, and from the new deal expects to raise $2 billion. The SPAC is led by LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus. As Hoffman assumes the role on both sides of the transaction, this SPAC deal is one of particular interest.
Only about 3% of the over 80,000 existing dams in the U.S are actively producing electricity. Can you believe that? Three percent of over 80,000!
This is an opportunity waiting to be captured. In Pittsburgh, the U.S. Army Corps of Engineers (USACE) Pittsburgh District operates 23 dams alone. Many of these non-powered dams present (you guessed it) a unique opportunity for repurposing existing infrastructure to create a local renewable energy solution that supports Pittsburgh’s growing innovation economy.
To make this happen, you need planning, licensing, capital, expertise and – above all – a region willing to play ball.
Rye Development is the leading developer of new low impact hydropower energy generation and energy storage in the United States. The company is committed to playing a critical role in accelerating the country’s renewable energy transition over the coming decades. Based in Boston, but with staff across the country, Rye has strategically chosen Pittsburgh and southwestern Pennsylvania as one of its flagship development locations.
After 10 years, Rye has commitments from the University of Pittsburgh and Allegheny County to accept the power generated by its hydropower projects on Pittsburgh’s rivers. And there’s more to come. Read today’s blog from Michael Rooney, vice president at Rye Development.