Print
Email
Print Edition Stories
Thursday, April 8, 2010
FloDesign expands into Waltham
By Mass High Tech staff
MHT's Julie Donnelly: Biotechs lag in social media use
MHT's Jackie Noblett: Maine becoming a hub for pet-oriented biotechs
MHT's Galen Moore: N.E. firms target individual carbon footprints
Wilbraham-based FloDesign Wind Turbine Corp. plans to expand with a new corporate headquarters and product development center in the Waltham Watch Factory.
FloDesign and Gov. Deval Patrick made the announcement today, reporting that the Massachusetts Clean Energy Center (MassCEC) has approved a $3 million financing package for the turbine company. That financing includes a five-year $700,000 forgivable loan that is contingent on FloDesign maintaining its corporate headquarters and primary R&D facility in Massachusetts, creating or retaining 150 jobs in the next three years and maintaining those jobs for an additional two years. The package also includes a $600,000 convertible grant, which gives MassCEC an equity stake in FloDesign if the company receives additional financing, and $1.7 million from MassCEC’s Renewable Energy Trust to defray a portion of the cost of installing the company’s first “shrouded” wind turbines at state or local public entities and non-profit organizations.
FloDesign said it is retaining its research center in Wilbraham.
FloDesign was founded in 2007 to develop what it calls a wind turbine design based on jet engine technology, and promising to deliver more than three times the amount of energy as traditional wind turbines for the same size rotor. The technology was originally developed by founders Walter M. Presz Jr. and Michael J. Werle. A key to the FloDesign strategy is that its rotors are half the size of a traditional turbine and feature lower tower height, allowing them to be installed in locations that cannot support traditional turbine towers, including airports.
Thomas J. Kinton Jr., CEO and executive director of the Massachusetts Port Authority, said that MassPort will explore the possibility of using FloDesign turbines at Logan International Airport, at least on a pilot basis.
“In a very competitive process, the Commonwealth developed a financing package that allows FloDesign to accelerate its job growth in Massachusetts,” said FloDesign CEO Lars Andersen in a press release.
In January, FloDesign named Anderson CEO while also reporting a $35 million Series B round of funding The funding pulled in return backer Kleiner, Perkins, Caufield and Byers, as well as new investors Technology Partners, VantagePoint Venture Partners and a Goldman Sachs managed investment fund.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
RSS Feeds
