Blade Dynamics Ltd., an Isle of Wight-based designer and manufacturer of advanced wind turbine blades based on proprietary materials and structural technologies, received an equity investment from a global power technologies company American Superconductor Corporation (NASDAQ: AMSC).
ASC has acquired a 25% ownership position for $8m in cash and will have one seat on the company’s board of directors.
In addition to providing its Windtec licensees with a differentiated blade offering, ASC expects that its investment could expand the company’s sales opportunities with other wind turbine manufacturers around the world.
The Dow Chemical Company (NYSE: DOW), through its Venture Capital group, also made a minority equity investment in Blade Dynamics.
Founded in the UK in 2007, the company has developed wind turbine blade technologies designed to increase the efficiency and performance of very high power (multi-megawatt) wind turbines while also reducing costs.
As stated by Blade Dynamics founder and Chief Executive Officer Paul Rudling, the company will now be able to utilize ASC’s wind turbine design capabilities and business model as well as Dow’s global reach and composite materials.
Louisiana Economic Development (LED) is providing an up to $30m incentive package to help the company establish and operate a manufacturing facility in New Orleans, which is located at the National Aeronautics and Space Administration’s (NASA) Michoud Assembly Facility.
It is expected to add at least 600 direct new jobs to the local economy over the next decade.