A company that develops and manufactures permanent magnet generators (PMGs) and related converter systems that deliver wind energy to the power grid, announced it has secured $15 million in funding. Led by four renewable energy, venture-capital firms, Khosla Ventures, CMEA Capital, GE Energy Financial Services, and Statoil Technology Invest, along with independent contributors, the Series B financing round will help bring to market new technology from Danotek Motion LLC that will make wind turbines more efficient, reliable, and affordable. The funds will be used to expand research and development initiatives, as well as launch initial production.
The company says its patent-pending variable PMGs are a technological leap forward for the wind energy industry. PMG’s save more than $1 million per typical utility-scale turbine for wind farm developers, owners, and manufacturers over the life of the turbine. Their unique design offers efficient performance even at low wind speeds. They are significantly more efficient than conventional generators (with efficiency rates exceeding 98%), and they incur lower operating and maintenance costs. They are half the weight of conventional generators and deliver improved reliability because they contain no “wear-and-tear” parts.
“We invest in technologies with the potential to disrupt their industries,” said founder Vinod Khosla. “The latest round of orders Danotek has received for its permanent magnet generators is just the beginning. We look forward to Danotek’s continued growth by means of company innovation, partnerships, and customers across the globe.”
“Our PMG technology, combined with a commitment to effective partnerships with customers, has already been rewarded with orders exceeding $50 million. The fact that our current investors want to continue supporting us via the B-round illustrates confidence in our technology and leadership team,” says Danotek President and CEO Don Naab. “We are already contracted with some of the wind industry’s leading turbine manufacturers, with our first systems going up-tower later this year, and we’re engaged in multiple negotiations with several other globally-recognized turbine manufacturers.”
This latest round of venture capital brings the total private funding invested in Danotek to $41 million. The cash infusion comes as clean and renewable energy remains a high priority for governments, utilities, consumers, and communities around the world.
Danotek Motion Technologies
Filed Under: Financing, Generators, News