Jan 7 2010
In a new financing round that was led by Khosla Ventures, Nordic Windpower has raised $38 million. Khosla Ventures is a leading investor in clean technologies company. Other companies that joined in the Series C equity financing include New Enterprise Associates (NEA), Novus Energy Partners and an existing investor, Impax Asset Management. Pulsar Energy Capital and I2BF Management are the other participants in this financing round. Since 2007, Nordic Windpower has raised funds in three funding rounds from investors that include NBT AS, Impax Asset Management, and Goldman Sachs International.
Patricia Bellinger, Chairman of the Board of Nordic Windpower, said that this successful financing is an important accomplishment for Nordic Windpower. Bellinger added that the company was committed to provide access to its high-tech two-bladed turbines to communities throughout America and other countries. Patricia Bellinger said this support from important investors will not only enable Nordic Windpower to achieve significant growth rate but also help to contribute to global efforts to cut down on the use of traditional fossil fuels.
The company has raised $30.1 million by selling new shares and the balance funds coming from the conversion of notes that was issued in the year 2009. Nordic Windpower will utilize the funds for ramping up its business activities related to its advanced 1 MW, N1000 wind turbines including manufacture, sales and service. The company has sold 19 turbines since May 2009, and the first three of these turbines was shipped to the largest wind power developer in Uruguay last month. Deliveries for the remaining turbines on order will begin in 2010 for U.S. customers that include a municipal utility, schools, for wind farms and for a U.S. Army base. The company is expecting more orders from several projects during early 2010.
Tom Carbone, CEO of Nordic Windpower, said that its customers will benefit in many ways from the company’s reliable and affordable wind turbines. The company aims to become a dependable leader in community and distributed utility wind turbines, Tom Carbone added.