Danotek Motion Technologies, a company that says it can improve the efficiency of wind turbines while radically reducing their maintenance and operating costs, has raised $14.5 million from several high-profile investors.
These include CMEA Ventures, StatoilHydro (NYSE:STO) unit StatoilHydro Venture and GE (NYSE:GE) unit GE Energy Financial Services.
Danotek’s variable speed Permanent Magnet Generators
save more than $1 million per turbine for wind farm developers and wind
turbine original equipment manufacturers over the life of a turbine, according to a company release.
The company said the unique design of its generators offers high performance at low wind speed and are
significantly more efficient than conventional generators (with
efficiency rates topping 98 percent). They are said to be half the weight of conventional generators and offer
improved reliability, because they contain no "wear-and-tear" parts.
Danotek’s generators and electronics power converters have elicited
interest from large-scale wind turbine manufacturers globally.
"The capital infusion from top-tier, long-term investors will allow us to expand manufacturing and support our entry into the wind turbine original equipment manufacturers’ market with generators capable of producing up to three megawatts (MW). We will also scale up generator development for larger direct drives and offshore units," Dan Gizaw, CEO of Danotek, based in Ann Arbor, Mich., said of the initial $7.25 million funding round, which CMEA Ventures and StatoilHydro Venture led and which closed Sept. 23. The balance of the funds are to be provided in a subsequent round. Additional details of the funding were not disclosed.
"CMEA’s energy and materials group reviewed 1,500 potential green energy deals in the past 12 months and only invested in four, including Danotek," said James Kim, senior partner, CMEA Ventures.
Danotek Motion Technologies, Inc. has patents pending on several high energy efficiency products: Permanent Magnet (PM) Generators, electronics integrated pumps, variable speed fans, electric vehicle steering systems, for EV/HEV, fuel-cell, wind turbine, and combined heat and power industries. Danotek was founded in 2001 by a former GE, automotive engineering and management team. Danotek is based in Ann Arbor, Mich.
Loading...