Nordic Windpower has raised $38 million in a new financing round led by Khosla Ventures, a premier investor in clean technology companies. Joining Khosla Ventures in the Series C equity financing are New Enterprise Associates (NEA), one of the largest venture firms worldwide, Novus Energy Partners, a U.S./Europe-based investor in clean technology, and existing investor Impax Asset Management, a London-based fund. Other participants include I2BF Management, an international clean-tech focused investment management group, and Pulsar Energy Capital. The company has previously closed three funding rounds since 2007 from investors including Goldman Sachs International, Impax Asset Management, and NBT AS.
“This investment represents a significant achievement for Nordic Windpower,” says Patricia Bellinger, chairman of the board. “We are committed to greatly expanding access to our high quality, innovative two-bladed wind turbines to communities across America and beyond. The support of this world class group of investors led by Khosla Ventures will enable us to build and grow Nordic Windpower substantially, while contributing to global efforts to reduce dependence on fossil fuels and President Obama’s goal of energy independence.”
Nordic Windpower will use the funds to scale up its business activities involving the sale, manufacturing and service of its innovative 1 MW, N1000 wind turbines. Last month, the company announced the shipment to Uruguay’s largest wind power developer of the first three of 19 turbines sold since May 2009. The remaining turbines on order are destined for projects in the U.S. including schools, a municipal utility, a U.S. Army base and wind farms, with deliveries commencing in January 2010. Several more projects are coming into the Nordic Windpower manufacturing pipeline during early 2010.
“We are building a company that aspires to become the trusted leader in community and distributed utility wind turbines,” says Tom Carbone, CEO. “Our customers will soon realize the many environmental and cost benefits of these wonderful, affordable and reliable wind turbines. As the first and only wind power company to receive a commitment from the U.S. Department of Energy’s (DOE) Loan Guarantee Program, Nordic Windpower is now in a position to meet its equity requirement, which combined with the Series C corporate funding, will further strengthen our growth plans.”
Nordic Windpower designs, manufactures and sells innovative, two-bladed utility-scale wind turbines for community wind and utility markets worldwide. More information is available at www.nordicwindpower.com.