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01/06/2010 10:45 AM     print story email story  

Nordic Windpower Raises $38M Led by Khosla Ventures News

Nordic Windpower announced Tuesday that it has raised $38 million in a new financing round led by Khosla Ventures.

Nordic Windpower designs, manufactures and sells innovative, two-bladed utility-scale wind turbines for community wind and utility markets worldwide. The two-blade design simplifies installation, significantly reducing costs.

The company is based in Berkeley, CA and has an assembly plant in Pocatello, Idaho.

"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."

Joining Khosla Ventures in the Series C equity financing are New Enterprise Associates (NEA), Novus Energy Partners, and existing investor Impax Asset Management. Other participants include I2BF Management 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.

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, the company said.

"Our customers will soon realize the many environmental and cost benefits of these wonderful, affordable and reliable wind turbines," said Tom Carbone, CEO of Nordic Windpower. " 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."


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