As the rest of the economy tanks, the cleantech sector has remained buoyant, with investors continuing to dump cash into wind, solar and other renewable energies. Banking on a recent wave of enthusiasm for wind power, Barre, Vt.-based Northern Power Systems announced that its parent company, Wind Power Holdings, has raised $37 million in first round funding.
The round was co-led by Allen & Company and RockPort Capital Partners. The proceeds will be used to expand Northern Power’s booming wind turbine operations and to speed development of its new 2.2-megawatt permanent magnet direct drive turbine for the commercial-scale wind market. Its flagship product, the Northwind 100, is a 100-kilowatt turbine designed for small-scale projects.
The company originally developed the Northwind 100 in partnership with NASA to provide wind power in remote areas, such as the South Pole and Indian Ocean. Northern Power has since begun to sell the turbines to farms, schools and businesses for use in distributed energy projects.
Wind Power Holdings previously raised $19 million from Century America, Baker Investments and several other investors in August to fund the acquisition of Northern Power. With an aggregate $56 million in the bank, it will continue to grow and develop Northern Power’s business. Other recent big wind deals include, of course, Pickens’ much ballyhooed $10 billion 2,000-turbine strong wind farm and Makani Power‘s $5 million haul, courtesy of Google.org.