Vertical Wind Energy, a Horsham, UK-based designer, producer and installer of vertical axis, small wind systems, has completed an £880K financing round.
The investment was led by new backer the South East Seed Fund, with participation from business angels from the South East Capital Alliance (SECA), managed by Finance South East, and existing shareholders Clarendon Fund Managers and Northstar Equity Investors.
The company, which started developing its vertical axis systems in 2007, intends to use the new capital to commercialize turbines in the UK and Ireland. The products are currently in the Government’s micro-certification scheme and are being verified and analysed by the appointed agency TUV (NEL).
The company is leveraging the introduction of the “Feed-in-Tariffs” in April 2010, which will enable homes and businesses to generate income from producing their own renewable electricity and selling the surplus to the national grid.