An Atlanta clean technology startup now has its first chief financial officer, a month after it scored $18.4 million in investments.
Emrgy Inc. hired Noor Kaissi, who has held other senior financial roles at renewable energy startups, such as Palmetto and Blue Mountain Midstream. She is also a member of the board of directors and audit committee at business consultancy Access Sciences.
Kaissi will help Emrgy expand its projects and launch U.S.-based manufacturing, CEO and Founder Emily Morris said in a statement. Emrgy, founded in 2014, creates hydropower systems that the company says are more efficient at creating energy and easy to customize and move depending on the size of the waterway.
Emrgy’s $18.4 million funding round was led by Oval Park Capital, a Raleigh, North Carolina-based firm that focuses on diverse founders in the Southeast. Fifth Wall, Blitzscaling Ventures, Overlay Capital and Veriten also participated.
Oval Park Capital Managing Partner Justin Wright-Eakes said Emrgy has the potential to “reintroduce hydropower to the global renewable energy conversation.”
Emrgy's growth is an example of the billions of dollars of capital that are flowing toward the clean energy sector, both in the private and public sectors. Georgia is leading the country in new clean energy projects since the passage of the Inflation Reduction Act, which provides tax incentives for clean tech, according to a report from the nonprofit Climate Power. Atlanta’s startup ecosystem and the state’s manufacturing industry are both benefiting from this trend.
Emrgy is planning to open a turbine assembly plant in Colorado and hire 30 engineers and operations specialists there by the end of the year. The startup has 45 employees, about half of whom are based in its Atlanta headquarters, a spokesperson said.
