Company: Southwest Windpower
Segment: Distributed Generation, Energy & Power, Green Building, Wind
Flagstaff, AZ. – Southwest Windpower (SWWP), the world’s largest producer of small wind generators, announced completion of an $8 million Series-B equity investment led by RockPort Capital Partners, a venture capital firm in Boston. CTTV Investments LLC, the venture capital arm of Chevron Technology Ventures and existing shareholder Altira Technology Fund IV LP of Denver also participated in the financing.
This funding follows two years of solid growth by Southwest Windpower, as sales of small wind generators have increased 50 percent per year for the past two years.
“The possibilities created by this capital boost enable us to grow and increase production of small wind energy systems all over the world,” said Frank Greco, CEO of Southwest Windpower. “We have our sights set on continuing to broaden our portfolio with industry-leading products that are grounded in a mission to make renewable energy simple.”
The capital will support SWWP’s efforts to launch a new, lower cost, residential wind technology later this year. It is anticipated that this new technology will make it significantly cheaper – by up to 60 percent – to produce wind energy on a residential scale.
“This investment gives the company the growth capital it needs to expand its manufacturing and marketing operations as it readies the launch of its game-changing residential wind technology,” said Hap Ellis, general partner of RockPort Capital Partners. “We believe Southwest Windpower’s new technology will make inexpensive wind power available to consumers throughout the country and will revolutionize the distributed generation marketplace.”
Southwest Windpower attributes much of its recent success to American consumers’ increasing awareness of energy security issues and the volatility of world oil markets. According to Greco, “The growing awareness of windpower and its benefits is a clear indication that we are moving toward energy security one household at a time.”
About Southwest Windpower
Flagstaff Arizona-based Southwest Windpower is the world’s largest producer of small wind generators (400-3000 watts). The 20-year old company has been a pioneer in the development of wind technology and has produced over 90,000 generators that provide power to residential homes, remote cabins, telecom transmitters, offshore platforms, water pumping and sailboats. Southwest Windpower distributes in more than 88 countries.
About RockPort Capital Partners
RockPort Capital Partners is a venture capital firm based in Boston that invests energy and power technologies, advanced materials and process and prevention technologies. The firm is committed to companies with breakthrough technologies that deliver significant economic value to large potential markets. On the Web: www.rockportcap.com
Altira is a venture capital firm focused on energy technology. Based in Denver, the firm is investing from its fourth fund. Altira looks for promising technology companies in the areas of natural resources, clean energy and electric power. The firm targets opportunities in first institutional equity rounds with initial investments of $1 million to $3 million.
On the Web: www.altiragroup.com
About CTTV Investments LLC
CTTV Investments is the venture capital arm of Chevron Technology Ventures LLC.
On the Web: www.chevron.com/technologyventures