Boulder Wind Power, a Boulder, CO-based developer of a utility-scale wind turbine technology designed to reduce the cost of wind generated electricity, has closed a $35m Series B funding.
Investors include rare earth oxide (REO) producer Molycorp, Inc. (NYSE:MCP), and existing investor New Enterprise Associates (read here).
In conjunction with the funding, Molycorp will have a seat on the company’s board.
Led by CEO Sandy Butterfield, Boulder Wind Power has developed a patented wind turbine technology that allows for the use of rare earth permanent magnets that do not require dysprosium, a relatively scarce rare earth. By utilizing dysprosium-free permanent magnets, and other engineering innovations that reduce the use of structural steel and eliminate the use of expensive laminated electrical steel, wind turbines incorporating the company’s technology are expected to produce power at or below $0.04 cents per kilowatt-hour.