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Northern Power Parent Wind Power Holdings LLC Raises in Excess of $50 Million
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BARRE, Vt., Sept. 25 /PRNewswire/ -- Northern Power Systems, Inc.announced today that its parent company, Wind Power Holdings, Inc, hascompleted an additional round of financing with net proceeds of approximately$37 million to support the growth and development of Northern Power's windturbine business. The capital was raised in a placement of Series A PreferredStock with institutional and other accredited investors, and led by RockPortCapital Partners and Allen & Company LLC, which also served as the placementagent.
"This significant working capital infusion from top-tier, long terminvestors such as RockPort and Allen & Company will allow us to continue toscale manufacturing of our leading-edge Northwind 100 wind turbines andsupport new and existing customers around the globe," said Bud Cherry, CEO ofNorthern Power. "It will also help us expedite the ongoing development of our2.2 MW permanent magnet direct drive wind turbine to support the fast-growingcommercial-scale wind farm market."
RockPort Capital Partners and Allen & Company join Century America LLC,Baker Investments LLC, and several other investors in the effort to raise theinitial capital used to fund the August acquisition of the Northern Powerassets. To date, an aggregate of approximately $56 million has been raised tofund the acquisition, growth, and development of Northern Power.
About Northern Power
Northern Power has been a leader in wind power technology for over 30years, and continues to set the standard for advanced technology and highreliability in wind power. The company's Northwind 100 turbine is sizedspecifically for distributed wind applications: villages,schools/universities, commercial farms, municipalities, and business campuses.The Northwind 100 utilizes direct drive technology and a permanent magnetgenerator to provide best-in-class energy capture, high reliability and lowcost of maintenance. It is currently available with 6 month lead times.Northern is also developing a 2.2 MW turbine using the same advanced PMDDdrive train technology that will deliver increased energy capture andreliability, lower O&M and improved grid power quality. Northern Power is aprivately owned company with design, manufacture, marketing, and salesfunctions located in Barre, Vermont.
About RockPort Capital Partners
Rockport Capital Partners is a leading venture capital firm partneringwith clean tech entrepreneurs around the world to build innovative companiesand bring cutting-edge technologies and products to the 21st century. With theclosing of RockPort Capital Partners III, L.P. in June 2008, RockPort has nowraised nearly $850 million, making it one of the largest venture capital firmsfocused on clean technology. RockPort's investment approach is distinguishedby collaboration with management teams to foster growth and create value.Combining domain expertise with policy and international experience, RockPorthas a proven track record of leveraging its insights and networks to fostergrowth and create value. Since its founding in 2000, RockPort CapitalPartners, with offices in Boston, Massachusetts and Menlo Park, California,has invested in nearly 40 clean tech companies.
About Allen & Company
Allen & Company LLC is a New York-based investment bank and assetmanagement firm which advises clients and deploys its own capital in a varietyof markets including media, technology, energy and life sciences.
SOURCE Northern Power Systems, Inc.
RockPort Capital Partners and Allen & Company join Century America LLC,Baker Investments LLC, and several other investors in the effort to raise theinitial capital used to fund the August acquisition of the Northern Powerassets. To date, an aggregate of approximately $56 million has been raised tofund the acquisition, growth, and development of Northern Power.
About Northern Power
Northern Power has been a leader in wind power technology for over 30years, and continues to set the standard for advanced technology and highreliability in wind power. The company's Northwind 100 turbine is sizedspecifically for distributed wind applications: villages,schools/universities, commercial farms, municipalities, and business campuses.The Northwind 100 utilizes direct drive technology and a permanent magnetgenerator to provide best-in-class energy capture, high reliability and lowcost of maintenance. It is currently available with 6 month lead times.Northern is also developing a 2.2 MW turbine using the same advanced PMDDdrive train technology that will deliver increased energy capture andreliability, lower O&M and improved grid power quality. Northern Power is aprivately owned company with design, manufacture, marketing, and salesfunctions located in Barre, Vermont.
About RockPort Capital Partners
Rockport Capital Partners is a leading venture capital firm partneringwith clean tech entrepreneurs around the world to build innovative companiesand bring cutting-edge technologies and products to the 21st century. With theclosing of RockPort Capital Partners III, L.P. in June 2008, RockPort has nowraised nearly $850 million, making it one of the largest venture capital firmsfocused on clean technology. RockPort's investment approach is distinguishedby collaboration with management teams to foster growth and create value.Combining domain expertise with policy and international experience, RockPorthas a proven track record of leveraging its insights and networks to fostergrowth and create value. Since its founding in 2000, RockPort CapitalPartners, with offices in Boston, Massachusetts and Menlo Park, California,has invested in nearly 40 clean tech companies.
About Allen & Company
Allen & Company LLC is a New York-based investment bank and assetmanagement firm which advises clients and deploys its own capital in a varietyof markets including media, technology, energy and life sciences.
SOURCE Northern Power Systems, Inc.
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