Friday, 29 July 2016
Last updated 8 hours ago
Dec 21 2009 | 12:16pm ET
U.S.-based Danotek Motion Technologies has received a combined $13.2 million from four of the world’s leading renewable energy venture capital firms – GE Energy Financial Services, CMEA Capital, Khosla Ventures and Energy Capital Management.
Danotek develops and manufactures advanced generators and components to supply wind energy to the power grid. The company also produces motors, drives, pumps and other accessories for electric and hybrid vehicles.
The investment will allow Danotek, based in Canton, Michigan, to expand research and development, install utility-scale megawatt load-testing equipment, hire and train workers and launch production of a projected 4,000 permanent magnet generators (PMGs) annually.
“We are gearing up to support the rapid growth of the global wind market,” said Dan Gizaw, president and CEO of Danotek, in a statement. “Wind turbine manufacturers and wind farm developers are significantly expanding operations worldwide, particularly in Europe, China and the United States. We design and manufacture advanced permanent magnet generators and power conditioning systems that enable those business ventures to dramatically improve energy efficiency, cut costs and increase revenue.”
This latest round of venture capital brings the total private investment in Danotek to $21 million.