Barre, Vt.-based Northern Power Systems Inc. has announced that its parent company, Wind Power Holdings Inc., has completed an additional round of financing with net proceeds of approximately $37 million to support the growth and development of Northern Power's wind turbine business.
The capital was raised in a placement of Series A Preferred Stock with institutional and other accredited investors, and led by RockPort Capital Partners and Allen & Co. LLC, which also served as the placement agent.
‘This significant working capital infusion from top-tier, long-term investors such as RockPort and Allen & Co. will allow us to continue to scale manufacturing of our leading-edge Northwind 100 wind turbines and support new and existing customers around the globe,’ says Bud Cherry, CEO of Northern Power. ‘It will also help us expedite the ongoing development of our 2.2 MW permanent magnet direct drive wind turbine to support the fast-growing commercial-scale wind farm market.’
RockPort Capital Partners and Allen & Co. join Century America LLC, Baker Investments LLC, and several other investors in the effort to raise the initial capital used to fund the August acquisition of the Northern Power assets. To date, an aggregate of approximately $56 million has been raised to fund the acquisition, growth and development of Northern Power.
SOURCE: Northern Power Systems Inc.