Born three years ago with the mission of delivering world class wind power systems, ReDriven Power Inc. has come a long way toward its goal by closing $5 million investment deal, which, the company expects, will help expand its sales globally.
ReDriven is a respected name in the 50 kW and under space in the wind power industry. The company boasts of a unique patent pending hydraulic tower and controller system that encompasses a common design across the product line and enables its clients generate eco-friendly electricity through the use of wind turbines.
Its clientele range from homeowners to manufacturers and farmers to business owners. The closing of this financing is expected to help this global Canadian company fulfill its global ambition in small wind power systems.
ReDriven announced that the investor is a private equity fund based in the U.S. Virgin Islands. The company further informed that the investor is a retired lawyer and businessman, a graduate of Princeton, Harvard Law School and Loyola University XMBA, who had a successful career as a securities attorney and also has invested in several other small successful technology companies.
“We are excited about the work being done globally by ReDriven Power Inc. The use of small wind turbines is pivotal in renewable energy generation,” the investor commented in a statement.
It is expected that this $5 million investment will significantly increase ReDriven’s operations and help clear its sales backlog of almost 100 wind turbine systems. The wind turbine manufacturer that already has dealers in seven countries and on three continents and is positioned as the 6th largest small wind manufacturer worldwide based on kW of sales hopes that the investment will augment its global sales volume.
In the press release, ReDriven’s interim CEO, Bruce Fischer, explained, “Our wind power systems are known around the world as being superior in technology and performance. This infusion of capital will further strengthen our rapidly growing company and help it to transition to one with enhanced capacity for manufacturing and delivery of systems around the globe.”
One of the company co-founders, Christopher Grant, said in a statement that his company has faced many challenges through the span of its three years career. Now that the company has a secure financial partner, the company can focus on expanding its operations to provide a leading product to markets worldwide.
New York State Energy Research and Development Authority (NYSERDA) welcomed the news. NYSERDA is a state organization that lists three of ReDriven’s turbines among those that can be purchased using NYSERDA’s incentive programs. The purpose of this public-benefit corporation is to help New York meet its energy goals by reducing energy consumption, promoting the use of renewable energy sources and protecting the environment.
Recently, the Canadian wind sector received a boost when RMT, Inc. announced its plan of expanding its presence in Canada. RMT is a leader in the engineering and construction of renewable energy facilities and operating as RMT Canada Construction Inc. the company plans to provide site development support, engineering and construction services for wind and solar energy facilities.Madhubanti Rudra is a contributing editor for TMCnet. To read more of her articles, please visit her columnist page.
Edited by Jaclyn Allard