24 October 2007
24 October 2007
TPI Composites has closed $22 million in equity financing from new and existing investors.
NGP Energy Technology Partners led the investment round and was joined by Angeleno Group and return investor, Landmark Growth Capital Partners.
""We are very pleased to welcome NGP Energy Technology Partners and Angeleno Group as new investors in TPI. We believe the energy experience of NGP and Angeleno Group, combined with the valued perspective of our existing investor, Landmark Growth Capital Partners, will serve TPI well at this important time in the life of our company,"" stated TPI President and Chief Executive Officer Steven C. Lockard. ""We expect our wind business to continue its dramatic growth in North America and China over the next couple of years. We are gaining significant traction in our military and transportation businesses as well. Each of our markets will benefit from the Series A growth capital.""
""TPI has made great strides since we teamed up with management to acquire the company in 2004,"" said Paul Giovacchini, TPI Chairman and Principal of Landmark Partners. ""We look forward to working with NGP Energy Technology Partners and Angeleno Group to assist the management team at TPI in furthering the growth of this great company.""
""TPI is an exciting company with a strong management team and a proven ability to produce high-quality, large-scale composite structures in volume,"" said Philip Deutch, Managing Partner of NGP Energy Technology Partners. ""TPI’s reputation in the marketplace, combined with its blue chip customer base and compelling business model make it an attractive investment for NGP Energy Technology Partners.""
Daniel Weiss, a Managing Partner of Angeleno Group added, ""TPI has a competitive advantage that is difficult to replicate. Its people and their innovative spirit combined with advance technology and world-class factories will allow TPI to become a significant force in the manufacture of composite products.""
TPI Composites, Inc., headquartered in Warren, Rhode Island, is a manufacturer of large-scale composite structures for the wind energy, transportation, and military vehicle markets. TPI operates factories in Warren, Rhode Island; Springfield, Ohio; Juarez, Mexico; and Taicang, China.
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