Medford, Ore. (PRWEB) March 11, 2010
UpWind Solutions Inc. (UpWind" or the Company"), the Medford, Oregon based wind asset management services firm, announced today that it has completed a $ 28.8 million equity financing round led by Kleiner Perkins Caufield & Byers and returning investor MissionPoint Capital Partners. The financing provides UpWind with substantial additional growth capital that will enable the company to continue to build upon its industry-leading technical capabilities, aggressively pursue complimentary business lines to enhance its current service offering, and continue its focus on delivering the highest quality service to its customers.
UpWind currently provides services to the North American wind generation industry including operations and maintenance services, commissioning, pre-warranty expiration and other services. UpWind manages hundreds of megawatts of wind generation under long-term contract on behalf of major utility and IPP customers, delivering industry leading performance metrics. The Company also provides services to major wind turbine OEMs and asset owners on an un-contracted basis.
The investment round was led by Kleiner Perkins Caufield & Byers (KPCB), out of their Green Growth Fund. Michael Linse, partner at KPCB stated, We are enthusiastic to invest in UpWind at this exciting time in the wind services industry. UpWind has established a brand in the wind services industry that stands for quality and top performance. We look forward to helping to grow UpWinds business and scope of services further."
Mark Lewis, Partner at MissionPoint Capital, a founding shareholder in UpWind and participant in the current financing, stated, We are excited to bring KPCB on board as our new partner in UpWind. Their investment in UpWind is a strong endorsement of UpWinds business model of focusing on top quality performance for UpWinds customers. The combination of a very strong balance sheet and the outstanding team we have in place will ensure that UpWind will continue to be the leader in providing third-party services to the wind industry."
About UpWind Solutions
UpWind Solutions is the industrys leading 3rd party providers of asset management and operations and maintenance services to the wind industry. UpWind was founded in 2007 by Bo Thisted and a team of highly experienced wind industry veterans around the vision of providing best in class services to the growing fleet of North American wind turbines. UpWind is based in Medford, Oregon and works for customers throughout North America. For additional information visit: http://www.upwindsolutions.com.
About Kleiner Perkins Caufield & Byers
Since its founding in 1972, Kleiner Perkins Caufield & Byers has backed entrepreneurs in over 600 ventures, including AOL, Amazon.com, Citrix, Compaq Computer, Electronic Arts, Genentech, Genomic Health, Google, Intuit, Juniper Networks, Netscape, Lotus, Sun Microsystems, Symantec, Verisign and Xilinx. KPCB portfolio companies employ more than 250,000 people. More than 150 of the firm's portfolio companies have gone public. Many other ventures have achieved success through mergers and acquisitions. The firm has offices in Menlo Park, California; Beijing, China; and Shanghai, China. For additional information visit www.kpcb.com.
About MissionPoint Capital
MissionPoint Capital Partners is a leading international private investment firm focused on financing the global transition to a low-carbon economy. MissionPoint provides growth capital to energy, industrial and financial services companies that enable cleaner, more environmentally-friendly energy, transportation and industrial infrastructure. MissionPoint's portfolio of companies are focused on transforming the way business is conducted in the face of a rising demand for cleaner, more efficient generation and use of energy across all sectors of the global economy. For more information please visit www.missionpointcapital.com.
Contact:
Katie Dorn
Nantucket Marketing
612 964 4168
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