Nordic Windpower is a designer, manufacturer and supplier of wind turbines for community and utility markets worldwide. Its core product is the 1 MW N1000 wind turbine, which the company sells, manufactures and services. The company said it will use new funding to scale up its sales, manufacturing and service activities for the N1000. Operational activity cited in the article includes 19 turbines sold since May 2009 and the recent shipment of the first three turbines to Uruguay’s largest wind power developer; remaining turbines on order are headed to U.S. projects including schools, a municipal utility, a U.S. Army base and wind farms with deliveries starting January 2010. Nordic Windpower is headquartered in Berkeley, California, maintains a technology office in Bristol, UK, and operates an assembly plant in Pocatello, Idaho. Financially, the company completed a $38M Series C equity financing led by Khosla Ventures, and has previously closed three funding rounds since 2007 from investors including Goldman Sachs International, Impax Asset Management and NBT AS. Nordic Windpower designs and builds lightweight, two-blade wind turbines that each produce about 1 megawatt and are typically deployed in 20–40 MW clusters for municipal and similar customers. The company is pursuing an expansion of a turbine assembly plant in Idaho and plans to use new capital to grow headcount and secure equipment suppliers. Nordic has not yet delivered turbines in the U.S.; it expects first shipments to Uruguay in the fall and holds a U.S. contract for 16 turbines, including several for military bases. Financially, it has a conditional $16 million commitment from the U.S. Department of Energy composed of federal stimulus loans and loan guarantees. That DOE financing is contingent on a positive environmental assessment and other financial and logistical conditions, and would cover up to 80% of the project if those milestones are met. Existing investors are already contributing to the next round as the company must raise a third round of venture funding to satisfy the DOE conditions.

Total raised

$54M

Funding rounds

2

Latest round

Series C

Latest activity

Jan 2010