TPI Composites raises $20M for wind turbine blades
TPI Composites, maker of blades for wind turbines, just brought in $20 million in second-round financing, mostly from General Electric’s Energy Financial Services and equity branch. The Scottsdale, Ariz. company will use the money to build out its manufacturing plants in Mexico, Iowa and China. It is still looking to expand despite the downturn, and had a three-fold increase in production last year.
TPI’s current plants supply energy to Mitsubishi Power Systems and GE Energy, the division of General Electric that makes turbines. Previously, GE has invested in wind farms and other startups specializing in turbine components — Horizon Wind and Airtricity just two of many.
Landmark Growth Capital Partners, NGP Energy Technology Partners and the Angeleno Group joined General Electric in the recent round. TPI last raised capital in October 2007, taking $22 million.
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