Michael Polsky’s name is known all over the world. He is an engineer who has devoted 17 years of his life to renewable energy (RE). He is a thriving entrepreneur who makes profitable deals. Thanks to his diligent work and perseverance, he became a billionaire and brought great benefits to the environment, chicagoname.com writes.
How did it all start?
Michael was born in Ukraine. He graduated from the Kyiv Polytechnic Institute in 1974 with a degree in mechanical engineering and then migrated to the United States. After working in his specialty for several large companies, he decided to start his own business in 1985.
At that time, the landscape of the strictly monitored electricity industry in the United States was defined by coal-fired power plants, which were very smoky. But in 1978, Congress partly deregulated and allowed businesspeople to construct power plants and sell the electricity they produced. Polsky took advantage of this chance and soon became a big businessman.
In 1985, he and his partner founded their first company, Indeck Energy Services, which developed cogeneration units. During this period, Michael started studying for an MBA at the University of Chicago Booth School of Business and simultaneously traveled around the United States offering cogeneration units to diverse businesses.
In 1991, the inventor founded a second enterprise, Polsky Energy, which was soon renamed SkyGen. This firm was engaged in the installation of gas turbine generators that could be launched during hours of heavy loads. After 10 years, SkyGen was bought by Calpine Corporation.
Energy brainchild in Chicago
In 2003, Invenergy LLC, a company based in one of Chicago’s business centers, decided to try their hand at wind energy. Their first project for the Tennessee Valley Authority was a failure. After learning some lessons, the company built several more wind farms in Montana and Colorado. These initiatives turned out to be several times larger and yielded good profits. In total, Invenergy LLC and its subsidiaries have built 160 wind, solar and gas turbine power plants with a total capacity of 25,000 MW. This is enough to provide energy for 5 million homes.
Soon, Invenergy LLC built a huge RE complex called Grand Ridge Energy Center. It is located 130 km from Chicago. This facility includes 140 wind turbines, 500,000 square meters of solar panels and an industrial battery plant that can produce 38 MWh in an emergency. This is enough to provide energy for 38,000 households. It is worth noting that today’s Invenergy LLC is considered the second largest supplier of wind power in the United States.
Polsky also owns Energize Ventures, a green technology venture capital fund located in the same building as the company’s office. Among the 13 portfolio investments is a unique startup called Drone Deploy. It produces drones for inspecting wind turbine blades in the infrared range. Thanks to the introduction of innovations, electricity production is at a higher level.
Benefits of wind energy for the environment
Wind power is considered the cleanest source of electricity, as it does not emit greenhouse gases or air pollution. It is a vital component of global efforts to reduce dependence on fossil fuels and mitigate climate change.
Wind energy can be used indefinitely because it is a renewable resource. In addition, water consumption is reduced. Unlike traditional power plants, which use water for cooling, wind turbines do not require this. Wind power helps reduce the country’s dependence on fossil fuels.
Analyzing all of the above, one can conclude that Michael Polsky’s innovations are worthy of praise.