NGenTec, a wind-power technology firm formed at the University of Edinburgh, Scotland, UK, raised £200,000 from Old College Capital, a new funding initiative launched by the University of Edinburgh.
The company, which is developing a novel generator for use in large wind turbines, recently received a £4m investment from a Dutch venture capital fund, Scottish Enterprise’s Scottish Co-investment Fund, and signed an industrial partnership with global gearing company David Brown, owned by Clyde Blowers.
Under the terms of this agreement, David Brown will provide manufacturing expertise and testing services for the first 1MW prototype of NGenTec’s new wind turbine generator, in return for an equity stake. The collaboration aims to bring multi –MW products to the offshore market by 2013, in advance of the major offshore wind deployments expected in 2015.
Founded in 2009 by Dr Markus Mueller and Dr Alasdair McDonald, NGentec aims to supply its direct drive permanent magnet generators to the renewable energy sector.
FinSMEs
05/03/2011