Connecticut Innovations invests in Optiwind

11 September 2009

Connecticut Innovations (CI), the US state’s quasi-public authority responsible for technology investing and innovation development, is placing a $1m investment in Optiwind also based in Connecticut.

The deal is the second investment to be made from the Connecticut Clean Tech Fund, a partnership between CI, the Department of Economic and Community Development and the Connecticut Clean Energy Fund. The fund makes investments in companies focused on innovations that conserve energy and resources, protect the environment or eliminate harmful waste. Charles River Ventures of Waltham, Massachusetts also participated in the $3m round of financing.

Optiwind has developed a design for mid-sized compact wind acceleration turbine systems, which are ideally suited for installation at commercial, industrial and institutional properties.
‘We want to help this Torrington company create cutting edge green technology jobs right here in Connecticut,’ Governor M Jodi Rell said. ‘At the same time, we can help Optiwind to advance its efforts to address climate change. This state investment is a win-win scenario.’

‘We are very excited to be partnering with the State of Connecticut,’ said Optiwind CEO Russel Marvin. ‘As we develop the foundation for a global company, we are finding excellent people and resources right here at home and this partnership with CI will clearly help to accelerate our growth.’

Peter Longo, CI president and executive director, will represent CI on Optiwind’s board of directors; Patrick O’Neill, CI investment associate, will serve as a board observer.

Optiwind is a wind energy startup company based in Torrington, Connecticut. It has developed a new style of Compact Wind Acceleration Turbine, that is designed specifically for the mid-sized, distributed generation market.

Copyright © 2009 NewNet

Tags: wind

This story was published on Friday, September 11th, 2009 at 5:22 pm and is filed under North America, deals, wind. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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