FLAGSTAFF, Ariz., March 16 /PRNewswire/ -- Southwest Windpower Inc., a
pioneer in the small wind turbine market, announced today that it has received
a Series A round of venture financing from Altira Group, a Colorado based
early-stage venture capital firm focused on energy technology. The Company
will use the capital to continue development of next generation small wind
turbines and to pursue new markets.
Southwest Windpower has been developing and manufacturing small wind
turbines for over a decade. The Company's 47 employees have produced and sold
over 72,000 turbines ranging from 400 to 3000 watts. These small turbines
provide electricity for remote homes, rural areas in developing countries,
telecommunication systems, recreational vehicles such as sailboats, and other
remote applications.
Altira partner Peter Edwards commented on the investment, "We are
impressed with the remarkable inroads made by Southwest Windpower in the small
wind segment of the renewable energy industry without any capital from
traditional venture sources. Now, with the capital and resources we are
providing, management will have what it needs to take the Company to the next
level and beyond."
Today, more than two billion people in developing countries live without
electricity. Southwest Windpower's products will contribute to global
economic development by providing power to these areas while helping to
minimize the environmental impacts of the development. The industrialized
portions of the world also are an attractive market. The cost of electric
power in some parts of the United States has more than tripled over the last
decade. This and other factors driving renewable energy have ushered in a new
opportunity for small wind.
In 2000, Southwest Windpower entered into a co-development project with
the National Renewable Energy Laboratory (NREL) to develop a next generation
small wind turbine. According to Andrew Kruse, the Company's Vice-President,
"Our next generation turbine is being designed for the individual consumer to
produce electricity for less than what they pay from the utility. We are
hopeful this will help us continue to take strides into the distributed
generation market."
About Southwest Windpower
Southwest Windpower is a leading developer and manufacturer of small wind
turbines, in the range of 400 to 3000 watts. The Company has been selling
wind turbines since 1987 and now produces more than 5MW per year. The
company's focus is on developing low cost, reliable small wind generators that
compliment photovoltaic solar systems. Southwest Windpower has distributors
in 55 countries and was awarded the "Exporter of the Year" by the United
States Export Import Bank of America in 2002.
For information: www.windenergy.com
Or contact: andy@windenergy.com
Phone: 928.779.9463
About Altira
Altira is a seed and early stage venture capital firm focused on energy
technology. Based in Denver, Colorado, the firm is investing from its fourth
fund. Altira looks for promising technology companies in the areas of oil and
gas, energy information technology, electric power generation, transmission
and distribution, and renewable energy. The firm targets opportunities in
first institutional equity rounds with initial investments of $500,000 to
$2 million.
For information: www.altiragroup.com
Or contact: pedwards@altiragroup.com
Phone: 303.592.5506
SOURCE Southwest Windpower Inc.
