Dallas-based Hover Energy recently unveiled their plans for Wind-Powered Microgrids to the U.K. as part of the company’s goal to increase wind turbine efficiency while creating a product that can be mounted on the roof of any building.
Hover designs, develops, and deploys Wind-Powered Microgrids to accelerate the transition to renewable energy and utilizes global partnerships to help clients efficiently harness the power of nature and generate power where it’s consumed. Microgrids are small networks of electricity users with a local source of supply that is usually attached to a centralized national grid but can function independently. They can offer financial benefits, reliability, and faster construction times for those looking into green energy.
With world politics creating uncertainty and high prices in the oil and gas market, more companies and individuals are looking for opportunities to transition to reliable, green energy.
Texas has long been the country’s gas and oil mecca, but is well-suited for green energy. Texas has enough wind and solar power to replace coal almost entirely. With wind and solar power, Texas has the potential to generate more than any other state. Businesses are shifting to green energy due to its affordability and as a move to embrace environmental, social, and governance efforts.
Hover combines wind turbines with solar panels that are designed around the built environment and have the ability to store the energy. The U.K. microgrid sits along an estuary with consistent wind and sunshine, making it a prime location for the installment.
The company was in a research and development stage until it broke even in 2021, with just over $10 million in business contracted for this year. In 2021, the company had just three clients, but have 85 in the sales process this year. There are 60 wind turbine installations in the production pipeline right now.
To find a suitable location, Hover operates a weather station on the roof and an anemometer measures the wind speed which helps calculate the cost of power. Hover designs for a very customized solution and wants to help the client make a decision that makes the most sense economically.
Hover installs the grids to provide a cleaner energy option for businesses and government agencies. Creating this energy onsite is low-cost and gives control to the users.
Hover has operations nationwide and overseas. “We plan to have our manufacturing in Memphis, and our first installation is in Florida,” Hover Chief Marking Officer Cal Collier says. “We are also talking to people in the Cayman Islands, Dominican Republic, and wherever it makes the most economic sense for us to be.”
CEO Chris Griffin said his interest in the energy business came from his background as an aerospace engineer and a financial expert. His goal was to find technologies in renewable energy that were profitable and didn’t rely solely on government subsidies to fund. “We are working with a handful of real estate developers in North Texas mainly those in the space, commercial and industrial fields on how [Hover] can help them create as much power as possible on their buildings.”
Hover is hoping to provide solutions to Dallas’ suburban power needs, but Hover’s isn’t currently focused on Texas because of the state’s low power costs. When asked about any recent milestones, Griffin said, “We just signed on our five-year contract with Jabil – our contract manufacturer. They will make our turbines and electronic control systems which is the bulk of what we do. It’s a real win for us to have been partnered with them for seven years, they are a $35 billion global manufacturer.”
JLL, Corgan, Kinzler, and EPC contractors are some of the groups Hover is or has worked with on their microgrid projects. They also work with local utility companies.
The company is gaining steam, and notoriety. In his Maudlin Economics publication, Pulitzer Prize-winning economist John Maudlin writes of Hover, “They have created a small wind turbine that is far more efficient than the typical windmills we associate with wind power. Basically it’s a 10-foot cube sitting on top of a platform which contains a large cylinder. The cylindrical turbine is surrounded by airfoils which direct the wind and multiply wind force… In places like Puerto Rico and the Caribbean islands where energy is incredibly expensive, they are far and away the competitive choice.”
Solar has become profitable for businesses, but for years providers needed tax incentives to make it feasible. Fortunately for Hover, North Texas’ current real estate boom, its accompanying energy needs, and the international energy stability are boons for their model.
“People want energy independence and energy resilience knowing they don’t have to depend on the grid if they don’t need to, especially with the prospect of oil and gas prices going through the roof,” Griffin says. “One of the best ways to not be subject to that is to build your own power, but I don’t think Dallas companies currently lack the pressure to meet carbon demands and be more sustainable.”