HOME > NEWS > PRESS RELEASES > SOUTHWEST WINDPOWER RAISES ADDITIONAL $6.5M Press ReleaseShareFOR IMMEDIATE RELEASE Southwest Windpower Raises Additional $6.5MFunding follows continued sales growth; and upcoming global expansion strategy Flagstaff, AZ. – Southwest Windpower (SWWP), the world’s largest producer of small residential scale wind generators, announced completion of a $6.5 million Series-B equity investment led by NGP Energy Technology Partners, a private equity fund located in Washington DC focusing on energy technology. The company’s current investors, Rockport Capital Partners, Altira and CTTV Investments LLC, the venture capital arm of Chevron, also participated in the financing. This funding follows three years of solid growth by Southwest Windpower as demand for residential scale wind generators continues to grow. In November of 2006, the company launched its newest product, Skystream, a residential grid connected wind generator. The company says their Skystream wind generator has cut the cost of renewables by up to 60 percent making it competitive with the retail cost of electricity. “This capital will allow the company to meet growing demand for its products, accelerate its marketing and sales activities, expand research and increase production capacity,” said Frank Greco, CEO of Southwest Windpower. “We also have our sights set on expanding further into the European and Asian markets. Renewable energy is fast becoming a critical component the world’s energy mix and we believe small residential wind will be a part of that mix.” The capital will also support SWWP’s efforts to develop new dealer channels, establish new sales offices in Europe, help drive domestic policy incentives and continue to expand its product line. “This investment gives the company the capital it needs to accelerate its current growth,” said Philip J. Deutch, Managing partner of NGP Energy Technology Partners. “We believe Southwest Windpower’s new technology will make residential wind power affordable and available throughout the world and change the distributed generation marketplace.” “Southwest Windpower attributes much of its recent success to American consumers’ increasing awareness of energy security issues, the volatility of world oil markets and climate change concerns” said Andy Kruse, the Company’s Vice President of Business Development. Mr. Kruse’s focus has also been on federal tax incentives that will help make residential wind more cost-effective. “Federal H.B. 1772 will make Skystream cost-effective for an even larger percentage of the population and level the playing field with other technologies that are already taking advantage of incentives” says Kruse. About Southwest Windpower About Rockport Capital Partners About Altira About CTTV Investments LLC About NGP Energy Technology Partners # # # |
