Investment for wind power company
Article Date: Sep 02 2009Vertical Wind Energy, a developer of vertical axis wind turbines, has received £1.2 million from investors after setting up in the North East.
The fundraising was led by NorthStar Equity Investors, a government-backed venture capitalist that focuses on the region, with participation from Belfast-based Clarendon Fund Managers, Vertical Wind’s management team and a local syndicate of business angels represented by Tiger Corporate Finance. One of those private investors, wind energy veteran Bill Richmond, will join the investee company’s board.
Tony Gordon, CEO of Vertical Wind, says, ‘We were attracted to the North East because of the region’s strategic commitment to all forms of wind generation and the strong skill base.’
The company has a ‘strong pipeline’ of orders which the investment will enable it to fulfil. Vertical Wind’s first product, a 3KW turbine, is aimed at the domestic and small commercial market, with a 6KW version due to be launched later this year.
