GE Energy Financial Services, CMEA Capital, Khosla Ventures and Energy Capital Management will invest a combined $13.2 million in Danotek Motion Technologies, a company that develops and manufactures advanced generators and components to supply wind energy to the power grid.
The investment enables Canton, Mich.-based Danotek to expand research and development, install utility-scale megawatt load-testing equipment, hire and train workers, and launch production of a projected 4,000 permanent magnet generators (PMGs) annually.
According to Danotek, PMG technology enables wind farm owners to harvest an average of 15% more energy, providing approximately $1 million in additional revenue over the life of a wind turbine.
This latest round of venture capital brings the total private funding invested in Danotek to $21 million.
SOURCE: Danotek Motion Technologies
