Boulder Wind Power has raised $8 million in Series A preferred stock financing. New Enterprise Associates (NEA) led the round with participation from James J. Maguire Jr., an individual investor focused on early stage investment in breakthrough renewable energy generation technologies.
The funding will be used to complete development, testing and commercialization of Boulder Wind Power's next generation direct-drive technology.
‘Boulder Wind Power's novel platform technology has the potential to accelerate the wind market by enabling a levelized cost of energy at or below that of fossil fuels,’ says Harry Weller, NEA general partner.
CEO Sandy Butterfield co-founded Boulder Wind Power in 2009 with Jim Smith and Matt Jore after spending 25 years with the National Renewable Energy Laboratory, where he was most recently chief engineer of the National Wind Technology Center.
Boulder Wind Power also announced that Tim Connor has joined the company as vice president of business strategy and chief financial officer. He brings 28 years of business and finance experience.
Connor joined Boulder Wind Power from Sequel Venture Partners, where he has been a partner since 2000.
SOURCE: Boulder Wind Power