Press Release
FOR IMMEDIATE RELEASE
April 5, 2006
Southwest Windpower Raises $8 Million
in Growth Capital
Funding follows strong sales growth; fuels upcoming residential
wind technology launch
Flagstaff, AZ. – Southwest Windpower (SWWP), the world’s
largest producer of small wind generators, announced completion
of an $8 million Series-B equity investment led by RockPort Capital
Partners, a venture capital firm in Boston. CTTV Investments
LLC, the venture capital arm of Chevron Technology Ventures and
existing shareholder Altira Technology Fund IV LP of Denver
also participated in the financing.
This funding follows two years of solid growth by Southwest
Windpower, as sales of small wind generators have increased 50
percent per year for the past two years.
“The possibilities created by this capital boost enable
us to grow and increase production of small wind energy systems
all over the world,” said Frank Greco, CEO of Southwest
Windpower. “We have our sights set on continuing to broaden
our portfolio with industry-leading products that are grounded
in a mission to make renewable energy simple.”
The capital will support SWWP’s efforts to launch a new,
lower cost, residential wind technology later this year. It is
anticipated that this new technology will make it significantly
cheaper – by up to 60 percent – to produce wind energy
on a residential scale.
“This investment gives the company the growth capital
it needs to expand its manufacturing and marketing operations
as it readies the launch of its game-changing residential wind
technology,” said Hap Ellis, general partner of RockPort
Capital Partners. “We believe Southwest Windpower’s
new technology will make inexpensive wind power available to
consumers throughout the country and will revolutionize the distributed
generation marketplace.”
Southwest Windpower attributes much of its recent success to
American consumers’ increasing awareness of energy security
issues and the volatility of world oil markets. According to
Greco, “The growing awareness of windpower and its benefits
is a clear indication that we are moving toward energy security
one household at a time.”
About Southwest Windpower
Flagstaff Arizona-based Southwest Windpower is the world’s
largest producer of small wind generators (400-3000 watts). The
20-year old company has been a pioneer in the development of
wind technology and has produced over 90,000 generators that
provide power to residential homes, remote cabins, telecom transmitters,
offshore platforms, water pumping and sailboats. Southwest Windpower
distributes in more than 88 countries.
On the Web: www.windenergy.com
About RockPort Capital Partners
RockPort Capital Partners is a venture capital firm based in
Boston that invests energy and power technologies, advanced
materials and process and prevention technologies. The firm
is committed to companies with breakthrough technologies that
deliver significant economic value to large potential markets.
On the Web: www.rockportcap.com
About Altira
Altira is a venture capital firm focused on energy technology. Based
in Denver, the firm is investing from its fourth fund. Altira
looks for promising technology companies in the areas of natural
resources, clean energy and electric power. The firm targets
opportunities in first institutional equity rounds with initial
investments of $1 million to $3 million.
On the Web: www.altiragroup.com
About CTTV Investments LLC
CTTV Investments is the venture capital arm of Chevron Technology
Ventures LLC.
On the Web: www.chevron.com/technologyventures
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