Arizona, United States [RenewableEnergyWorld.com] TPI Composites Inc., a supplier of high-technology wind turbine blades to Mitsubishi Power Systems and GE, announced that it has received US $20 million in Series B funding. The investment was made by GE’s investment arm, Landmark Growth Capital Partners, NGP Energy Technology Partners and Angeleno Group.
The Series B funding reflects an increase in the company’s valuation since Series A financing was completed a year earlier, it said in a statement. Details of the Series B Convertible Preferred equity financing, which closed on December 30 of last year were not disclosed. The new capital will help support TPI’s growth in the wind turbine market.
“Even with economic conditions affecting our country and all industries, we believe in the promise of a 20 percent national wind vision set by the federal government and the opportunity for the wind industry to create hundreds of thousands of US manufacturing jobs,” said Steve Lockard, president and CEO of TPI. “This capital investment in TPI will allow us to grow with current and future wind energy customers.”