Wind turbine manufacturer Nordic Windpower has raised $38m in a new financing round led by clean technology investor Khosla Ventures. Joining Khosla in the series C round are global venture firm New Enterprise Associates (NEA), Novus Energy Partners, a US and 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.
Nordic Windpower designs, manufactures and sells two-bladed utility-scale wind turbines for community wind and utility markets worldwide.
“We are building a company that aspires to become the trusted leader in community and distributed utility wind turbines,” added Tom Carbone, CEO of Nordic Windpower. “Our customers will soon realise 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 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,” added 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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