Ann Arbor, Mich.-based Danotek Motion Technologies, a manufacturer of high-efficiency wind turbine generators, has raised $14.5 million from CMEA Ventures, StatoilHydro Venture and GE Energy Financial Services. Danotek's generators can increase wind turbines' efficiency, while reducing maintenance and operating costs, according to the company.
The initial funding round of $7.25 million was led by CMEA Ventures and StatoilHydro Venture. The balance of the funds is to be provided in a subsequent round. Additional details of the funding were not disclosed.
‘The capital infusion from top-tier, long-term investors will allow us to expand manufacturing and support our entry into the wind turbine original equipment manufacturers' (OEM) market with generators capable of producing up to 3 MW,’ says Dan Gizaw, CEO of Danotek. ‘We will also scale up generator development for larger direct drives and offshore units.’
According to Danotek, its patent-pending variable speed permanent magnet generators save more than $1 million per turbine for wind farm developers and wind turbine OEMs over the life of a turbine.
The company says its generator design offers high performance at low wind speed and that their new generators are significantly more efficient than conventional generators, with efficiency rates topping 98%.
SOURCE: Danotek Motion Technologies