Wednesday, 10 February 2016
Last updated 14 hours ago
Dec 21 2009 | 10:51am ET
Arizona-based TPI Composites, Inc., a leading supplier of wind turbine blades, has completed a Series B-1 funding transaction that raised $26 million in growth capital. Funding came from new investor Element Partners, and existing investors Landmark Growth Capital Partners, NGP Energy Technology Partners, Angeleno Group and GE Capital.
As a result of the transaction, Michael DeRosa of Element Partners and Daniel Weiss of Angeleno Group will join TPI’s board of directors.
Details of the Series B-1 convertible preferred equity financing were not disclosed.
Philadelphia-based Element Partners invests exclusively in established high-growth companies in the energy and clean technology markets.
“We have been watching TPI’s progress with interest for several years and are very pleased to join the investor team,” said Element's DeRosa.
Last year, TPI tripled its capacity to produce lighter, stronger and more durable wind turbine blades at its joint venture facility in Mexico for Mitsubishi Power Systems. In addition, in 2008 TPI opened factories in Newton, Iowa and Taicang, China under supply agreements with GE Energy.