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TPI Composites, a Wind Turbine Blade Producer, Raises $20 Million in Series B Funding
January 23, 2009Source: Clean Edge News
TPI Composites, Inc., a supplier of wind turbine blades to
Mitsubishi Power Systems and GE, recently announced it has received
$20 million from GE’s investment arm, Landmark Growth Capital
Partners, NGP Energy Technology Partners and Angeleno Group to
support its growth. The Series B funding, announced at TPI’s
headquarters in Scottsdale and at the 5th Annual Clean-Tech Investor
Summit in Palm Springs, reflects an increase in the company’s
valuation since Series A financing was completed a year earlier.
The capital comes from GE’s Equity unit and GE Energy Financial
Services, which has made several venture capital investments in wind
turbine component manufacturers as well as provided project finance
for wind farms.
Annual global wind power installation has increased at an average
rate of 22 percent over the last five years, with wind blades a
critical component totaling $2.1 billion in sales worldwide in 2007,
according to a GE estimate. The new capital announced will help
support TPI’s growth. Last year, the company reportedly tripled
capacity to produce lighter, stronger and more durable wind turbines
blades in its Joint Venture facility in Mexico for Mitsubishi Power
Systems. In addition, TPI last year opened factories in Newton,
Iowa, and Taicang, China, under supply agreements with GE Energy.