New England Hydropower Company Announces Financial Sponsorship from Yorktown Partners and Collaboration with French Development Enterprises (“FDE Hydro”) to Build Modern Hydropower Infrastructure

Beverly, MA – March 16, 2023 – NewEngland Hydropower Company (“NEHC”), a privately-owned developer of small-scalehydropower infrastructure founded in 2012, today announced that it has receivedan equity investment by Yorktown Partners, a private equity firm focused on theenergy sector and based in New York. Yorktown joins a group of entrepreneursand existing investors with a successful track record of working together tobuild companies that are pioneering in their fields. Michael Kerr, ChiefExecutive Officer of NEHC, remarked, “We are excited to continue growing ourplatform and are encouraged by the improving regulatory momentum and fiscal stimuliat the federal, state and local level for new infrastructure development.”

NEHC has demonstrated leadership insmall-scale hydropower having developed and sold two projects since inceptionusing innovative technologies to commercially establish infrastructure inunderserved markets. NEHC completed this equity financing to accelerate thedevelopment of its mature projects and continue to de-risk a potential portfolioof approximately 1,000 sites across the United States that are candidates forsmall-scale hydropower development. NEHC has been collaborating withChelmsford-headquartered FDE Hydro to establish innovative modular precastconcrete methods for developing modern hydropower infrastructure. “FDE Hydrolooks forward to working with NEHC to drive the hydropower industry forward tosupport the new energy grid for the 21^st Century,” said Bill FrenchSr, the Founder and Chief Executive Officer of French Development Enterprises.

AboutNEHC

New England Hydropower Company builds,owns, operates and manages small-scale hydropower works using legacy dams andcanals throughout New England and the U.S. To accomplish this at the highestprofessional level, NEHC has assembled a leadership team from industry,government affairs, and technology entrepreneurship. With a mix of skills andexperience derived from the energy sector and other businesses, NEHC is devotedto the notion that a sound foundation in knowledge, a visionary approach towhat is possible, and a relentless work ethic will lead the company’s success.

AboutFrench Development Enterprises

FDE Hydro is advancing the NorthAmerican water infrastructure industry by developing innovative technologies usingmodular precast construction techniques. FDE Hydro is focused on multiplemarket segments including run-of-the-river dams, modular prestress concretepower house facilities, pumped storage civil structures, reservoir and watercontrol systems, retrofit of existing high-hazard dams as well as modularaquatic animal passage systems.

AboutYorktown Partners

Yorktown Partners LLC is anemployee-owned private equity firm that has invested across twelve partnershipssince 1991. The firm has provided financing and leadership to over 100companies engaged in multiple sectors in the energy industry including upstreamand midstream oil and gas, service and manufacturing, metals and mining as wellas renewable energy infrastructure.

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