Arizona-based TPI Composites, Inc., a leading supplier of high-technology wind turbine blades to Mitsubishi Power Systems and GE (NYSE: GE), yesterday announced $20 million in Series B funding from GE’s investment arm, Landmark Growth Capital Partners, NGP Energy Technology Partners and Angeleno Group to support its growth.
The investment underscores GE’s unique ability to participate in the
wind industry in two ways: technology and capital provider. The capital
comes from GE’s Equity unit and GE Energy Financial Services, which has
made several venture capital investments in wind turbine component
manufacturers as well as provided project finance for wind farms.
Steve Lockard, president and CEO of TPI, said, “This capital investment in TPI will allow us to grow with current and future wind energy customers.”
TPI said it tripled capacity last year to produce more wind turbines blades in its joint venture facility in Mexico for Mitsubishi Power Systems. In addition, TPI last year opened factories in Newton, Iowa, and Taicang, China, under supply agreements with GE.
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GE announced 4Q08 earnings from continuing operations of $3.9 billion, or $.37 per share before preferred dividend.
For the year, revenue was $183 billion, up 6%, and earnings were $18.1
billion, down 19%. Despite the downturn, this was the third highest earnings year in GE
history, the company said.
Results included $1.5 billion of after-tax restructuring and other charges, including increased reserves in current environment, which are above the Company’s original plan. The company said the restructuring will lower costs for 2009 and beyond.
In Octoboer, GE sold 547 million shares to improve its liquidity as lending ground to a halt.
