Windspire Energy, Inc. (formerly Mariah Power, Inc.), developer of the Windspire® vertical axis wind turbine, today announced it has successfully raised additional capital. The latest round of financing was led by current investors Noventi Ventures, Greenhouse Capital Partners and Big Sky Partners.
RENO, NEV (April 20, 2010) - Windspire Energy, Inc. (formerly Mariah Power, Inc.), developer of the Windspire® vertical axis wind turbine, today announced it has successfully raised additional capital. The latest round of financing was led by current investors Noventi Ventures, Greenhouse Capital Partners and Big Sky Partners. These funds will be used primarily for general corporate purposes, continuing research and development efforts and underwriting the international launch of the Windspire later this year.
"We continue to see great potential for the Windspire," said Giacomo Marini, Chairman of the Board of Windspire Energy and Managing Director of Noventi Ventures. "There is a tremendous market opportunity, especially internationally, for this innovative small wind product. "
"From the beginning we believed that Windspire Energy would significantly expand the small wind market," said Pete Henig, Board Member of Windspire Energy and Managing Director of Greenhouse Capital Partners. "We are excited by the market acceptance of the Windspire and pleased to continue our commitment with this latest investment. "
"This new round of financing is a great vote of confidence from our current investors," said Walt Borland, President and CEO of Windspire Energy. "We will now be able to accelerate the execution of our current strategy and aggressively enter the international market later this year. "
The Windspire is a vertical axis wind turbine designed for use in urban, suburban and rural areas. The unique design of the rotor enables the turbine to generate energy silently while standing just thirty-feet tall. The thin profile of the Windspire allows customers to easily scale-up the number of turbines to meet higher energy needs.
Hundreds of Windspires are currently powering homes, businesses, schools, and museums across the United States. Recently the company announced the installation of twenty Windspires at the headquarters of leading software company Adobe Systems in San Jose, California.
About Windspire Energy
Windspire Energy, Inc. (formerly Mariah Power, Inc.) is the developer of the innovative Windspire wind turbines. Made in the USA, Windspires are designed for use in urban, suburban, and rural settings. The propeller-free, vertical-axis design enables silent operation and features patented technology that maximizes energy conversion from wind into electric power, regardless of changing wind speed and direction. The Windspire has been featured in The New York Times, Fortune, Popular Science, and on "20/20", CNN and NPR. For more information, visit www.WindspireEnergy.com
About Noventi Ventures
Noventi Ventures is a Silicon Valley-based, early stage venture capital firm focused on building successful companies through partnerships with entrepreneurs. Noventi leverages the operating experience of its principals, a global network of resources, and a proven record in venture investing to focus on opportunities at the convergence of technology, energy, and the environment. Noventi past investments include Bitfone (acquired by HP), EasyMarket (acquired by TUI), Sygate (acquired by Symantec) and M7 (acquired by BEA). For more information visit http://noventivc.com
About Greenhouse Capital Partners
Greenhouse Capital Partners is a Sausalito, Calif.-based early stage venture capital firm focused on funding exceptional startups at the earliest stages of company formation. The fund maintains a broad investment approach across a range of select emerging technologies, with a specific interest in cleantech and alternative energy innovations. The firm's approach is a return to the roots of venture capital, where it will take early stage risk right alongside entrepreneurs and help build companies that will last for years to come. Greenhouse investments include Windspire Energy (formerly Mariah Power), Solaicx, Lifefactory and Linkage Biosciences. For more information visit www.greenhousecapital.net
About Big Sky Partners
Big Sky Partners is a Los Angeles, Calif.-based early stage venture capital firm that invests across a range of high tech startups and select emerging growth companies. The firm, led by Managing Director Michael Schwab, specializes in seed and Series A technology financing, applying a multi-sector investment strategy with a particular focus on the cleantech and alternative energy sectors. The firm has extensive expertise in, and can offer entrepreneurs significant strategic contacts across the clean energy, photovoltaic, next-generation Internet and global financial services industries. Michael B. Schwab currently sits on the Board of Directors of Solaicx and MongoNet, and the firm's practice is expanding into investments at the earliest stages of biofuels, green transportation, social networking analytics and the penetration of solar integration, installation and distribution into the consumer and enterprise markets. For more information visit http://bigskyvc.com