Danotek Motion Technologies Raises $15M in Series B Financing

Published On August 30, 2011 |

Danotek Motion Technologies, a Canton, MI-based company that develops and manufactures permanent magnet generators (PMG’s) and related converter systems that deliver wind energy to the power grid, has secured $15m in Series B financing round.

Investors include Khosla Ventures, CMEA Capital, GE Energy Financial Services, and Statoil Technology Invest, as well as independent contributors.

The company intends to use the funds to expand research and development initiatives, as well as launch initial production.

Led by President and CEO Don Naab, Danotek develops and manufactures highly efficient energy conversion systems for the wind energy and industrial markets. The company has patents pending on several products, including permanent magnet generators (PMG’s) and power electronics for wind turbines as well as variably speed propulsion and accessory drives for the electric and hybrid electric vehicle markets.

FinSMEs

30/08/2011

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