GE Energy Financial Services invests $10m into US wind turbine manufacturer
6th April 2009
GE Energy Financial Services has joined current investors in providing $10m to Arizona-based wind turbine manufacturer Southwest Windpower. The company will use the funding to accelerate its growth in new markets and products.
Other investors include Altira, Rockport Capital Partners, NGP Energy Technology Partners and CTTV Investments, the venture capital arm of Chevron Technology Ventures. The company did not break down the investment amount for each firm.
‘Renewable energy is a critical component of the world’s energy mix, and small, more affordable wind energy will be a key new energy alternative,’ said Frank Greco, CEO of Southwest Windpower. ‘This new capital funding will allow us to expand our markets, helping to bring cost-effective small wind energy to new residential, commercial, and off-grid customers.’
Kevin Skillern, managing director at GE Energy Financial Services, adde, ‘The new federal stimulus incentives and the company’s product performance improvements enable Southwest Windpower to offer renewable electricity at attractive rates in different regions of the country.’
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