25 Jan 2010
US wind turbine start-up FloDesign confirmed last week that it has secured $34.5m (£21.3m) in funding to help finance the commercial development of its innovative wind turbine design based on jet engine technology.
The company, which also announced it has appointed Lars A Andersen, former president of Vestas China, as its new chief executive, said it was aiming to transform itself from a research and development organisation into a mainstream renewables firm.
The funding round was led by original investor venture capital giant Kleiner Perkins Caufield and Byers and was joined by a syndicate of three new high-profile investors: a Goldman Sachs managed investment fund, Technology Partners and VantagePoint Venture Partners.
Andersen said the potential of the company's new turbine design was underlined by the backing of its "prominent venture investors".
FloDesign's turbines are modelled on jet engines and use a shroud around the turbine blades to funnel wind into the turbine.
The company claims the technology – which forces air through a small hole to create a pressure differential – has proved to be three to four times more efficient than traditional open-fan turbines.
In addition to the private financing raised by the company, the company was also recently awarded an $8.3m grant by the US Department of Energy.
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money managment
Well let's see $43 million dollars invested and all the results are a fancy concept video. $8 million from the tax payers should be enough to grant us access to information. How long before these things will be in production? How much will they cost? Oh yea don't forget the fact that Wind Tamer allready has a similar design on the market. Guess you can spend that $8 million on fancy lawyers to fight over who was first to get there. I can only guess that if Wind Tamer got half of that $35 million that they would be able to produce and get to market faster and less expensive than the flow design concept. and Goldman Sax look up stock symbol( WNDT) profit off the charts if you would invest smarter. Might just earn you enough mooney to pay back what you are stealing from us hard working people who are paying your salery.
Posted by tax payer, 03 May 2010