TPI Composites Raises $26M in Growth Capital

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.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...