Cedar Park, Texas-based Viryd Technologies Inc., a wind turbine technology company dedicated to improving drivetrain technology, has received an investment of $5 million from both existing and new investors, including a significant investment from Ningbo Shentong Auto Decorations Ltd., a supplier to the global automobile industry.
As part of the agreement, the Shentong Group will appoint a representative to the board of directors. These new investments bring the total funds raised by Viryd to date to $10 million.
‘With the improved energy-output capabilities and cost-reduction potential, Viryd is uniquely positioned to make a large impact in the rapidly expanding wind energy sector in China, the United States and other rapidly growing wind markets,’ says Lifeng Fang, general manager of Shentong Group.
Viryd and Shentong Group intend to form a joint venture to manufacture wind turbines for markets worldwide, including the manufacturing and distribution of wind turbines to the Asian renewable energy market, with an emphasis on emerging opportunities in China.
SOURCE: Viryd Technologies Inc.