TechnoSpin Inc., a developer and manufacturer of small wind turbines for residential and commercial use, announced a Series A financing round of $8 million, led by 21Ventures, a New York based venture capital fund. The money will back R&D as well as sales and marketing efforts.
TechnoSpin turbines achieve more effective utilization of wind energy, the company says. In addition, they are not limited only to use in areas with strong winds, but can operate in low and medium-wind areas as well.
"In addition to its new blade design, TechnoSpin features an innovative manufacturing process, which substantially decreases manufacturing costs and increases the flexibility of locating manufacturing facilities. Both factors lower total costs by 20-30% as compared to existing renewable power solutions," said Maxim Rakov, CEO of TechnoSpin.
TechnoSpin targets business and agricultural users in developing countries, as well as residential users in both developed and developing countries. TechnoSpin systems can provide an affordable solution for remote rural areas not connected to a central power grid, or be used in combination with the central grid.
TechnoSpin’s small systems are portable and can be erected temporarily in areas where electricity has been cut off due to natural disasters and other disruptions in supply. The company said it is also developing a revolutionary versatile gear, allowing for increased efficiency and reduced weight and materials consumption.
About TechnoSpin, Inc:
TechnoSpin, Inc is a manufacturer of revolutionary small wind energy systems, with headquarters in NY, a manufacturing facility in Israel and activities in Eastern Europe and the Middle East.
About 21Ventures:
Founded in 2004 and headquartered in New York, 21Ventures is a venture capital fund which invests in seed and early stage technology companies in the physical security, clean energy and mobile software markets. The fund’s primary geographic focus is Israel, where over half of the company’s investment capital has been deployed to date. 21Ventures is currently managing more than $100 million worth of investments in 20 companies in both Israel and the United States. For more information, visit www.21ventures.net.
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