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TPI Composites has completed a Series B-1 funding transaction, which has enabled the company to raise $26 million in growth capital from Element Partners and existing investors.
In conjunction with this development, the company, who are specialists in areas such as wind energy and transit, also announced the addition of Michael DeRosa of Element Partners and Daniel Weiss of Angeleno Group to TPI’s board of directors.
“We continue to be excited about the growth prospects provided by the wind industry,” said TPI President and CEO Steve Lockard. “We are very pleased, especially in the current difficult financing environment, to have raised this equity capital to continue to support our growth.”
“We have been watching TPI’s progress with interest for several years and are very pleased to join the investor team”, said Element Partners’ Managing Director Michael DeRosa. “TPI is an ideal addition to our portfolio of companies that provide innovative solutions to global energy and environmental challenges.”
The U.S. wind energy industry broke all previous records in 2008 by installing more than 8,500 megawatts (MW) of new generating capacity (enough to serve more than two million homes) increasing the nation’s total wind power generating capacity by 50 percent to more than 25,300 megawatts and channeling an investment of some $17 billion into the economy. Approximately 7,000 megawatts of new wind installations are expected to be commissioned in 2009.
“We welcome Element Partners’ investment and the addition of Michael DeRosa and Daniel Weiss to TPI’s board of directors,” said Paul Giovacchini, TPI Chairman and member of current TPI investor Landmark Growth Capital Partners. ”The Series B-1 investment further strengthens the TPI balance sheet and its board.”
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