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Venture Capitalists Bet Big on Danotek's Wind Turbine Generator
Led by four of the leading clean energy investors, the 2nd round of financing for Danotek's permanent magnet generator (PMG) shows that PMG technology is the future of wind power generation.
Danotek’s patent-pending variable PMG is a technological leap forward for the wind energy industry. PMG’s save more than $1 million per typical utility-scale turbine for wind farm developers, owners, and manufacturers over the life of the turbine. Their unique and simplified design offers highly efficient performance even at low wind speeds. They are significantly more efficient than conventional generators (with efficiency rates exceeding 98 percent), and they incur lower operating and maintenance costs. They are half the weight of conventional generators and deliver improved reliability because they contain no “wear-and-tear” parts.
“Our leading PMG technology, combined with our commitment to effective partnerships with our customers, has already been rewarded with orders exceeding $50 million. The fact that our current investors want to continue supporting us via the B-round illustrates their confidence in our technology and leadership team,” noted Don Naab, Danotek’s President and CEO. “We are already contracted with some of the wind industry’s leading turbine manufacturers, with our first systems going up-tower later this year, and we’re engaged in multiple negotiations with several other globally-recognized turbine manufacturers. Danotek is on track and well positioned for success.”
“At Khosla Ventures we invest in technologies with the potential to disrupt their industries,” said founder Vinod Khosla. “The latest round of orders Danotek has received for its permanent magnet generators is just the beginning. We look forward to Danotek’s continued growth by means of company innovation, partnerships, and customers across the globe.”
“Danotek’s products improve the efficiency and reliability of the drive-train, which is critical forits customers. We’ve been impressed by its proven commercial traction and increased our investment so Danotek can continue to grow its customer base and extend its product line,” said Rachel Sheinbein, partner at CMEA Capital. “We believe that the company is well-positioned to become a leading force in the wind energy industry.”
This latest round of venture capital brings the total private funding invested in Danotek to $41 million. The cash infusion comes as clean and renewable energy remains a high priority for governments, utilities, consumers, and communities around the world.
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