Nordic Windpower recently announced that it 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 US/Europe-based investor in clean technology, and existing investor Impax Asset Management, a London-based fund. Other participants include I2BF Management, an international cleantech 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,” said Patricia Bellinger, Chairman of the Board of Nordic Windpower. “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.”
Through the sale of new shares, $30.1 million has been raised with the balance arising from the conversion of notes issued in 2009. Nordic Windpower will use the funds, of which $12.1 million has already been received, 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 US including schools, a municipal utility, a US 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,” said Tom Carbone, CEO of Nordic Windpower. “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 US 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.”
“Khosla Ventures and its investment partners are focused on innovative clean technology. We’re passionate about disruptive large technology innovations and Nordic Windpower’s proprietary technology, market focus and company performance are a great match for us,” said Jim Kim, Partner at Khosla Ventures. “Nordic has already established itself among the most innovative wind turbine manufacturers in the world, and we are excited to be involved in the company’s growth.”
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