Wind technology game-changer snags another $15 million
Making wind turbine technology more efficient -- at any wind speed -- is the holy grail for the industry. So it is easy to see why Danotek, a start-up that uses magnets rather than traditional generations to harness wind power, has captured the attention of four prominent cleantech investors. That group -- Khosla Ventures, CMEA Capital, GE Energy Financial Services and Statoil Technology -- have put up $15 million to help Danotek scale up its production. The new gust of funding brings Danotek's total money raised so far to $41 million.
According to the investors, the reason that Danotek's technology is interesting is because it is lighter than traditional options, potentially can last longer because it has no moving parts, and can generate energy in even low wind conditions. The company already has orders of $50 million for the technology, which could help save up to $1 million per turbine over its lifespan on a typical wind farm.
Said Danotek President and CEO Don Naab:
"We are already contracted with some of the wind industry's leading turbine manufacturers, with our first systems going up-tower later this year, and we're engaged in multiple negotiations with several other globally recognized turbine manufacturers. Danotek is on track and well positioned for success."
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