Massachusetts, United States [RenewableEnergyWorld.com] Mass Megawatts Wind Power Inc. announced that it has recently raised US $257,000 in a private placement of restricted shares of common stock. Part of the proceeds have been used to eliminate company debt. The highest priority of these funds, according to the company, is initiating substantial third party verification of Mass Megawatts’ Multi-Axis Turbosystem (MAT).
Upon successful third party verification, Mass Megawatts said that it will begin developing strategic alliances with other wind power developers who have taken initial project steps, including zoning, financing and other requirements in the development of large commercial wind energy projects.
Recently, Mass Megawatts has developed a new augmenter technology which compared to previously designed augmenters, could help reduce the amount of construction material in producing wind power generated electricity. The company also said that this technology could allows the Mass Megawatts’ system to compete directly with fossil fuel power plants, such as coal and natural gas, even at lower wind locations with respect to traditional wind power plants.