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Wind energy firm Accio Energy scores $1.9M in angel funds
Friday, May 06, 2011
Related Tags
Alternative Energy
,
Angel Funding
,
Boomers
,
Research / Tech Transfer
,
Venture Capital
,
Woman Owned
Accio Energy closed its first round of fundraising, a Series A angel round, and is now richer by $1.9 million and three new members on the board of directors.
The alternative energy firm, developer of a novel way to harness wind energy, took in $1.4 million in cash from a combination of angel investors and small venture capital firms, such as Ann Arbor-based
Resonant Venture Partners
. The other $500,000 comes from convertible debt.
"It's a big round for an angel round," says Jen Baird, CEO of
Accio Energy
.
The firm also welcomed three more high-profile names to its board of directors. The new additions include retired
DTE Energy
President & COO Bob Buckler, University of Michigan
Zell-Lurie Institute for Entrepreneurial Studies
Executive Director
Tom Kinnear
and Resonant Venture Partner Managing Director
Michael Godwin
.
"The bottom line is about two things,"
Baird says
. "One, we have more capital. Two, we have a bigger, stronger board. Both of those things are important for small companies."
The Ann Arbor-based start-up is developing technology that basically reinvents the wind turbine without the moving parts. Accio Energy's technology utilizes a system of aerovolatic panels (similar to a car radiator) that harness the wind's energy through a water mist and static electricity.
Baird expects most of the capital raised will go toward continued development of that technology by the start-up's staff of eight employees and a handful of independent contractors and partners.
Baird came on as Accio Energy's CEO last year after building fellow Ann Arbor-based start-up
Accuri Cytometers
into Ann Arbor's hot entrepreneurial commodity. She raised $30 million from angel investors and venture capital firms over five years. The company was acquired for more than $200 million earlier this year.
Source: Jen Baird, CEO of Accio Energy
Writer: Jon Zemke
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