TechnoSpin Inc., developer and manufacturer of next-generation small wind turbines for residential and commercial use, announced today a Series A financing round of $8 million. The round was led by 21Ventures, a New York based venture capital fund. The money will back R&D as well as sales and marketing efforts.
“TechnoSpin has a stellar management team with great vision. They are focused, dedicated and highly creative. These attributes were central to our decision to invest in the company,” said David Anthony, Managing Partner of 21Ventures.
TechnoSpin turbines achieve more effective utilization of wind energy. In addition, they are not limited only to use in areas with strong winds, but can also operate in low and medium-wind areas. Other existing wind systems are generally unable to function in low and medium-wind areas, which account for more than 80% of the Earth’s ground surface.
“In addition to its new blade design, TechnoSpin features an innovative manufacturing process, which substantially decreases manufacturing costs and increases the flexibility of locating manufacturing facilities. Both factors lower total costs by 20-30% as compared to existing renewable power solutions,” said Maxim Rakov, CEO of TechnoSpin.
TechnoSpin targets business and agricultural users in developing countries, as well as residential users in both developed and developing countries. TechnoSpin systems can provide an affordable solution for remote rural areas not connected to a central power grid, or be used in combination with the central grid. TechnoSpin’s small systems are portable and can be erected temporarily in areas where electricity has been cut off due to natural disasters and other disruptions in supply. The company is also developing a revolutionary versatile gear, allowing for increased efficiency and reduced weight and materials consumption.
About TechnoSpin, Inc:
TechnoSpin, Inc is a manufacturer of revolutionary small wind energy systems, with headquarters in NY, a manufacturing facility in Israel and activities in Eastern Europe and the Middle East. For additional information, please visit: www.tswind.com or call 212-751-8336.
About 21Ventures:
Founded in 2004 and headquartered in New York, 21Ventures is a venture capital fund which invests in seed and early stage technology companies in the physical security, clean energy and mobile software markets. The fund’s primary geographic focus is Israel, where over half of the company’s investment capital has been deployed to date. 21Ventures is currently managing more than $100 million worth of investments in 20 companies in both Israel and the United States. For more information, please visit www.21ventures.net. To schedule an interview, please contact Marjie Hadad, media liaison, marjie@netvision.net.il or please call 646-335-0269.
Contacts:
Marjie Hadad, 646-335-0269
marjie@netvision.net.il
