ReDriven Power Inc. has closed a $5 million investment
Iroquois, Ontario, December 17, 2010 ó ReDriven Power Inc. has closed a $5 million investment that will significantly increase its operations and help clear its sales backlog of almost 100 wind turbine systems as well as support the expansion of sales globally. ReDriven Power Inc. is a three-year-old wind turbine manufacturer that already has dealers in seven countries and on three continents and is positioned as the 6th largest small wind manufacturer worldwide based on kW of sales.
ReDriven has come a long way toward its goal of offering world-class wind power systems in the 50 kW and under space. With a unique patent pending hydraulic tower and controller system, that encompasses a common design across the product line, ReDriven Power Inc. enables homeowners, farmers, manufacturers and business owners to generate eco-friendly electricity through the use of wind turbines.
"Our wind power systems are known around the world as being superior in technology and performance," said interim CEO Bruce Fischer. "This infusion of capital will further strengthen our rapidly growing company and help it to transition to one with enhanced capacity for manufacturing and delivery of systems around the globe."
Christopher Grant, one of the company co-founders, added: "We founded ReDriven almost three years ago with a vision to become a key player in the small wind turbine sector. The path between the beginning and where we are today has had many challenges but now, with a secure financial partner, we can focus on expanding the company, our vision and providing a leading product to markets worldwide."
The investor is a private equity fund based in the U.S. Virgin Islands. The investor is a retired lawyer and businessman, a graduate of Princeton, Harvard Law School and Loyola University XMBA, who had a successful career as a securities attorney and also has invested in several other small successful technology companies. According to this investor, "We are excited about the work being done globally by ReDriven Power Inc. The use of small wind turbines is pivotal in renewable energy generation."
The news was also welcomed by the New York State Energy Research and Development Authority (NYSERDA), a state organization that lists three of ReDriven's turbines among those that can be purchased using NYSERDA's incentive programs. The purpose of this public-benefit corporation is to help New York meet its energy goals by reducing energy consumption, promoting the use of renewable energy sources and protecting the environment.
The closing of this financing is the beginning of many exciting developments on the horizon of this global Canadian company as it advances as a world leader in small wind power systems.
# # #
For more information, please contact:
ReDriven Power Inc.
Bruce Fischer, Interim CEO
Phone: 1-866-330-0007 ext. 306