Northern Power raises $37 million
Wind Power Holdings, Inc, has completed an additional round of financing with net proceeds of $37 million to support the growth and development of Northern Power's wind turbine business.
The funding will allow the company to continue to scale manufacturing of its Northwind 100 wind turbines and support new and existing customers. At 100 kilowatts of rated power, the Northwind 100 wind turbine can match the power needs of many local applications, whether they are municipalities, schools and universities, commercial farms, or business campuses. According to the company, its physical size fits within most constraints inherent in highly populated areas and the low-maintenance design.
On the working capital infusion, Bud Cherry, CEO, Northern Power said, "It will also help us expedite the ongoing development of our 2.2 MW permanent magnet direct drive wind turbine to support the fast-growing commercial-scale wind farm market."
The capital was raised in a placement of Series A Preferred Stock with institutional and other accredited investors, and led by RockPort Capital Partners and Allen & Company LLC, which also served as the placement agent.
To date, an aggregate of approximately $56 million has been raised to fund the acquisition, growth, and development of Northern Power.