Tag : wind power
BARRE, Vt., Sept. 25 /PRNewswire/ -- Northern Power Systems, Inc.announced today that its parent company, Wind Power Holdings, Inc,has completed an additional round of financing with net proceeds ofapproximately $37 million to support the growth and development ofNorthern Power's wind turbine business. The capital was raised in aplacement of Series A Preferred Stock with institutional and otheraccredited investors, and led by RockPort Capital Partners andAllen & Company LLC, which also served as the placement agent.

"This significant working capital infusion from top-tier, long terminvestors such as RockPort and Allen & Company will allow us tocontinue to scale manufacturing of our leading-edge Northwind 100wind turbines and support new and existing customers around theglobe," said Bud Cherry, CEO of Northern Power. "It will also helpus expedite the ongoing development of our 2.2 MW permanent magnetdirect drive wind turbine to support the fast-growingcommercial-scale wind farm market."

RockPort Capital Partners and Allen & Company join CenturyAmerica LLC, Baker Investments LLC, and several other investors inthe effort to raise the initial capital used to fund the Augustacquisition of the Northern Power assets. To date, an aggregate ofapproximately $56 million has been raised to fund the acquisition,growth, and development of Northern Power.

About Northern Power

Northern Power has been a leader in wind power technology for over30 years, and continues to set the standard for advanced technologyand high reliability in wind power. The company's Northwind 100turbine is sized specifically for distributed wind applications:villages, schools/universities, commercial farms, municipalities,and business campuses. The Northwind 100 utilizes direct drivetechnology and a permanent magnet generator to providebest-in-class energy capture, high reliability and low cost ofmaintenance. It is currently available with 6 month lead times.Northern is also developing a 2.2 MW turbine using the sameadvanced PMDD drive train technology that will deliver increasedenergy capture and reliability, lower O&M and improved gridpower quality. Northern Power is a privately owned company withdesign, manufacture, marketing, and sales functions located inBarre, Vermont.

About RockPort Capital Partners

Rockport Capital Partners is a leading venture capital firmpartnering with clean tech entrepreneurs around the world to buildinnovative companies and bring cutting-edge technologies andproducts to the 21st century. With the closing of RockPort CapitalPartners III, L.P. in June 2008, RockPort has now raised nearly$850 million, making it one of the largest venture capital firmsfocused on clean technology. RockPort's investment approach isdistinguished by collaboration with management teams to fostergrowth and create value. Combining domain expertise with policy andinternational experience, RockPort has a proven track record ofleveraging its insights and networks to foster growth and createvalue. Since its founding in 2000, RockPort Capital Partners, withoffices in Boston, Massachusetts and Menlo Park, California, hasinvested in nearly 40 clean tech companies.

About Allen & Company

Allen & Company LLC is a New York-based investment bank andasset management firm which advises clients and deploys its owncapital in a variety of markets including media, technology, energyand life sciences.

SOURCE Northern Power Systems, Inc.




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