User:AJRush/RiverbankPower

Riverbank Power Corporation
Riverbank Power Corporation is an alternative energy power generation company based in Toronto, Canada. The company’s senior management has collective experience in energy development, regulatory affairs, engineering design, construction management, and project and corporate finance.

History
Riverbank Power Corporation was formed in 2008 by John Douglas, who serves as the President and CEO of the company. He is also the CEO and founder of Douglas Capital Inc. where he is responsible for the principal investing activity at the firm.

Riverbank Power’s goal is to become the leading independent power producer of underground alternative power generation facilities in North America within five years. The company has created an underground pumped storage hydro-electric generation concept called Aquabank™ and has a stated goal of developing five or more of these facilities in the northeastern United States and Canada. Two projects, one in Wiscasset, Maine and another in Sparta Township, New Jersey, are in development. The company plans to develop a portfolio of at least 15 more sites over the next 5 years.

Board of Directors
Riverbank is governed by a Board of Directors. The members are:

Chairman: Hon. David R. Peterson (former premier of Ontario)

Director -- Dr. John M. Boyd

Director -- Keith Lord.

Director -- John Douglas

Aquabank™
Riverbank’s Aquabank™ technology combines traditional pumped storage hydro-electric power generation with deep mining techniques to generate power. These alternative power generation facilities will use an existing water source to create electricity from turbines located underground. The typical facility will have an installed capacity of 1,000 MW, which is enough electricty to power more than 300,000 homes.

The Aquabank™ system temporarily diverts water from a surface source, down 600 meter shafts, called penstocks, to an underground powerhouse. There, the water turns turbines creating emission-free electric power. This newly generated power is then harnessed by a transformer and sent to the power grid to help address periods of peak consumption.

Once through the turbines, the water is then temporarily stored in underground reservoirs that are located at approximately the same depth as the powerhouse. To complete the cycle, the reservoirs are emptied by pumping the water back to its original source using lower cost power from traditional and renewable power sources.

This new power generation will provide an alternative to fossil peaking generation and will enable renewable sources to be optimized.

Support for New Pumped Storage and Renewable Energy
United States Department of Energy Secretary Dr. Steven Chu is on the public record stating his belief that pumped storage can help the United States develop more renewable power and resources on numberous occasions. Specifically, at the National Electricity Delivery Forum on February 18, 2009, Dr. Chu said, “pumped storage hydro power can act as a battery for wind power and other renewable energy resources that are generated intermittently.” At the same forum, Dr. Chu said, “The good news is that there is a potential for pumped storage….this is a perfect system for….going to a much higher renewable system.”

In a press release on June 30, 2009 Secretary Chu again talked about his belief that pumped storage is an important aspect of developing renewable resources. The press release discusses how hydropower can be used to store renewable energy and specifically states that "Secretary Chu is committed to further developing pumped storage technology to harness these advantages."

Projects in Development
Riverbank has two projects currently in development. The first is in Wiscasset, Maine and is characterized as a “diversion” model and the second is in Sparta Township, New Jersey and is characterized as a “closed loop” model.

The Riverbank Wiscasset Energy Center

This project is a 1,000 MW underground pumped storage generation facility located in Wiscasset, Maine on the Back River. The project will help advance Maine's objective to add 3,000 MW of wind energy integrated into the Maine market by 2020. Riverbank has received a preliminary permit for the project from the Federal Energy Regulatory Commission.

Riverbank has completed the first studies on the site and the test results have been largely positive. Studies will continue through 2010. Should the test results remain positive, the project is expected to be complete by the middle of the decade.

Both Maine Governor John Baldacci and the Town of Wiscasset, Maine have expressed their support for the project.

The Riverbank Sparta Energy Center

This project is a 1,000 MW underground pumped storage generation facility located in Sparta, New Jersey. The upper reservoir of the pumped storage project will be the Limecrest Quarry, which is associated with Thomas Edison’s industrial activities. Riverbank has received a preliminary permit for the project from the Federal Energy Regulatory Commission.

Testing at the site is scheduled to begin in the summer of 2009. The project is expected to be complete by the middle of the decade.