Nordic Windpower Raises US $38M in Equity

Nordic Windpower has raised US $38 million in a financing round led by Khosla Ventures. Joining Khosla Ventures in the Series C equity financing are New Enterprise Associates (NEA), Novus Energy Partners and existing investor Impax Asset Management. Other participants include I2BF Management and Pulsar Energy Capital.

The company has previously closed three funding rounds since 2007 from investors including Goldman Sachs International, Impax Asset Management and NBT AS.

Through the sale of new shares, $30.1 million has been raised with the balance arising from the conversion of notes issued in 2009. Nordic Windpower will use the funds, of which $12.1 million has already been received, to scale up its business activities involving the sale, manufacturing and service of its innovative 1-megawatt N1000 wind turbines.

“This investment represents a significant achievement for Nordic Windpower,” said Patricia Bellinger, chairman of Nordic Windpower. “We are committed to greatly expanding access to our high quality, innovative two-bladed wind turbines to communities across America and beyond. The support of this world class group of investors led by Khosla Ventures will enable us to build and grow Nordic Windpower substantially, while contributing to global efforts to reduce dependence on fossil fuels and President Obama’s goal of energy independence.”

Last month, the company announced the shipment to Uruguay’s largest wind power developer of the first three of 19 turbines sold since May 2009.

Earlier this year, Nordic received a conditional commitment for a US $16 million loan guarantee offer from the U.S. Department of Energy (DOE), supported through the 2009 American Recovery and Reinvestment Act. The company plans to use the funds released by the U.S. Federal Financing Bank to support the expansion of its assembly plant in Pocatello, Idaho.

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