Rye Development Company Profile

Background

Overview

Rye Development is a leading developer of pumped storage hydropower projects in the United States, focusing on converting former mining sites into energy storage facilities. The company specializes in closed-loop pumped storage systems, utilizing two reservoirs to store and release water for electricity generation. These projects provide long-duration energy storage intended to support grid stability and integrate renewable energy sources.

Mission and Vision

Rye Development's mission is to advance the next generation of hydropower development to address climate change and improve environmental quality, while providing reliable and predictable power to customers and the U.S. transmission grid. The company envisions a sustainable future by commercializing proven technologies that utilize existing water resources to generate power, meeting today's energy supply and storage needs.

Industry Significance

As a pioneer in the pumped storage hydropower sector, Rye Development plays a crucial role in enhancing the reliability and resilience of the U.S. energy grid. By repurposing former mining sites, the company contributes to environmental remediation and supports the transition to a cleaner energy landscape.

Key Strategic Focus

Core Objectives

Development of Pumped Storage Projects: Focus on planning, permitting, and constructing closed-loop pumped storage systems to provide long-duration energy storage solutions.

Environmental Remediation: Repurpose former mining sites, transforming them into sustainable energy storage facilities, thereby contributing to environmental cleanup efforts.

Grid Stability Enhancement: Support the integration of renewable energy sources into the grid by providing reliable and flexible energy storage solutions.

Areas of Specialization

Hydropower Development: Expertise in designing and implementing hydropower projects, particularly in converting existing water resources into energy storage facilities.

Energy Storage Solutions: Specialization in long-duration, grid-scale energy storage systems that enhance grid reliability and support renewable energy integration.

Key Technologies Utilized

Closed-Loop Pumped Storage: Utilizing two reservoirs to store and release water, generating electricity and providing energy storage without impacting natural water bodies.

Environmental Remediation Techniques: Employing methods to rehabilitate and repurpose former mining sites, mitigating environmental impacts and promoting sustainability.

Primary Markets Targeted

Utility Companies: Providing energy storage solutions to enhance grid stability and support renewable energy integration.

Government Agencies: Collaborating on projects that repurpose former mining sites, contributing to environmental remediation and sustainable development.

Community Stakeholders: Engaging with local communities to ensure project benefits and address environmental concerns.

Financials and Funding

Funding History

Rye Development has secured significant funding to advance its projects, including an $81 million award from the U.S. Department of Energy in 2024 for the Lewis Ridge Pumped Storage Project in Kentucky.

Recent Funding Rounds

2024: Received $81 million from the U.S. Department of Energy for the Lewis Ridge Pumped Storage Project.

Notable Investors

While specific investors are not publicly disclosed, the substantial funding from the U.S. Department of Energy indicates strong governmental support and confidence in Rye Development's projects.

Utilization of Capital

The capital is primarily allocated towards the development and construction of pumped storage hydropower facilities, environmental remediation of former mining sites, and enhancing grid stability through energy storage solutions.

Pipeline Development

Key Pipeline Candidates

Lewis Ridge Pumped Storage Project (Kentucky): A proposed 287-megawatt facility converting former mine land into a pumped storage hydropower site, capable of storing electricity for up to eight hours and generating power for approximately 67,000 homes.

Goldendale Energy Storage Project (Washington): A proposed large-scale energy storage project in the Columbia River Gorge, aiming to provide significant grid support and renewable energy integration.

Stages of Development

Lewis Ridge Pumped Storage Project: In the permitting and funding stage, with an $81 million award from the U.S. Department of Energy in 2024.

Goldendale Energy Storage Project: In the environmental review stage, with the Federal Energy Regulatory Commission staff finalizing an environmental impact statement endorsing the project.

Target Conditions

Both projects aim to provide long-duration energy storage solutions, enhance grid stability, and support the integration of renewable energy sources into the U.S. energy grid.

Anticipated Milestones

Lewis Ridge Pumped Storage Project: Completion of permitting and initiation of construction, with the goal of operational status to provide energy storage and generation capabilities.

Goldendale Energy Storage Project: Completion of environmental reviews and commencement of construction, aiming to provide significant energy storage capacity and grid support.

Technological Platform and Innovation

Proprietary Technologies

Closed-Loop Pumped Storage Systems: Innovative design and implementation of energy storage facilities that utilize existing water resources without impacting natural water bodies.

Significant Scientific Methods

Environmental Remediation Techniques: Utilizing advanced methods to rehabilitate and repurpose former mining sites, mitigating environmental impacts and promoting sustainability.

Hydropower Development Expertise: Employing specialized knowledge in hydropower project design and construction to develop efficient and reliable energy storage solutions.

Leadership Team

Key Executives

Paul Jacob: Chief Executive Officer

John Seymour: General Counsel

Erik Steimle, CEP: Chief Development Officer

David Surla: Chief Technology Officer

Malcolm Harkness: Vice President, Development

Ushakar Jha, PE: Vice President, Project Engineering

Eamon Marley: Vice President, Finance

Michael Rooney: Vice President, Development

Dan Sarti: Vice President, Origination

Sandy Slayton: Vice President, Environmental

Bree Wilson, PE, PMP: Vice President, Development

Joseph Mesiano: Controller

Md Jakir Hossain, PhD: Director, Market Analysis

Dylan Stankus, PE: Director, Environmental Compliance

Cynthia Gonzalez: Manager, Legal Operations

Professional Backgrounds and Contributions

Paul Jacob: As CEO, Paul leads the strategic direction and overall operations of Rye Development, overseeing project development and execution.

John Seymour: Serving as General Counsel, John provides legal guidance and ensures compliance across all company operations.

Erik Steimle, CEP: As Chief Development Officer, Erik spearheads the development of new projects, focusing on expanding the company's portfolio.

David Surla: Serving as Chief Technology Officer, David oversees the technological aspects of project development, ensuring innovative and efficient solutions.

Malcolm Harkness: As Vice President of Development, Malcolm manages the development process of new projects, ensuring timely and successful execution.

Ushakar Jha, PE: Serving as Vice President of Project Engineering, Ushakar leads engineering teams to design and implement project plans effectively.

Eamon Marley: As Vice President of Finance, Eamon manages the company's financial strategies, including funding and investment planning.

Michael Rooney: Serving as Vice President of Development, Michael focuses on the development and execution of new projects, contributing to the company's growth.

Dan Sarti: As Vice President of Origination, Dan identifies and initiates new project opportunities, expanding the company's reach.

Sandy Slayton: Serving as Vice President of Environmental, Sandy ensures that all projects comply with environmental regulations and promote sustainability.

Bree Wilson, PE, PMP: As Vice President of Development, Bree oversees project development, ensuring alignment with company goals and successful implementation.

Joseph Mesiano: Serving as Controller, Joseph manages the company's financial records and reporting, ensuring accuracy and compliance.

Md Jakir Hossain, PhD: As Director of Market Analysis, Md provides insights into market trends and opportunities, guiding strategic decisions.

Dylan Stankus, PE: Serving as Director of Environmental Compliance, Dylan ensures adherence to environmental laws and regulations, promoting sustainable project development.

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