Vermont, United States [RenewableEnergyWorld.com] Northern Power Systems Inc. announced that its parent company, Wind Power Holdings Inc., has completed a second round of financing with net proceeds of approximately US $37 million to support the growth and development of Northern Power’s wind turbine business. To date, an aggregate of approximately US $56 million has been raised to fund the acquisition, growth, and development of Northern Power.
The capital was raised in a placement of Series A Preferred Stock with institutional and other accredited investors. The round was led by RockPort Capital Partners and Allen & Company LLC, which also served as the placement agent.
“This significant working capital infusion from top-tier, long term investors such as RockPort and Allen & Company will allow us to continue to scale manufacturing of our leading-edge Northwind 100 wind turbines and support new and existing customers around the globe,” said Bud Cherry, CEO of Northern Power. “It will also help us expedite the ongoing development of our 2.2 MW permanent magnet direct drive wind turbine to support the fast-growing commercial-scale wind farm market.”