Nordic Windpower Closes Additional Funding


Berkeley, Calif.-based Nordic Windpower Ltd., a manufacturer of two-bladed utility-scale wind turbines, has closed additional funding in the form of convertible notes.

Current investors, including Goldman Sachs and Impax Asset Management, participated in the funding, along with new investors I2BF Venture Capital & Pulsar Energy Capital. The senior management team and board members also participated in the financing. The notes are convertible into the company's next round of preferred stock financing.

‘This funding will assist us with the delivery of the first orders from our Pocatello, Idaho, facility, marking Nordic's entrance into the U.S. market,’ says Tom Carbone, CEO of Nordic Windpower.

The investment marks a major new phase in Nordic's growth as it ramps up U.S. production of its wind turbines for utilities, and large and small developers. The new funds enable Nordic to fulfill the first orders for its N1000 1 MW wind turbines.

SOURCE: Nordic Windpower Ltd.

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