Viryd Technologies Inc., a Cedar Park, Texas-based wind turbine technology company dedicated to improving drivetrain technology, has received a $5m equity financing.
Both existing and new backers, including a significant investment from Ningbo Shentong Auto Decorations Ltd., a supplier to the global automobile industry made the investment.
As part of the agreement, the Shentong Group will appoint a representative to the Board of Directors.
These new investments bring the total funds Viryd has raised to date to $10m.
Viryd and Shentong Group intend to form a joint venture to manufacture wind turbines for markets worldwide, including the manufacturing and distribution of wind turbines to the Asian renewable energy market, with an emphasis on emerging opportunities in China.
Commenting on the deal, John Langdon, CEO of Viryd Technologies, was quoted to say: “This investment will accelerate the development of Viryd wind turbines, and move us closer to spurring the global adoption of our technology.
“Asia offers a huge market opportunity for next-generation small wind turbines. We look forward to working with Shentong Group to develop and launch new products specifically designed to offer an environmentally conscious solution to meet Asia’s ever-growing energy needs”.