The Canton Township-based Danotek Motion Technologies has received $13.2 million of investment to push wind turbine technology.
Four of the world's leading renewable energy
venture capital firms are partnering for the first time with
co-investments to bring to market new technology that will make wind
turbines more efficient, reliable and affordable.
GE Energy Financial Services, CMEA Capital, Khosla Ventures and
Energy Capital Management will invest a combined $13.2 million in
Danotek Motion Technologies, a company that develops and manufactures
advanced generators and components to supply wind energy to the power
grid. The company also produces motors, drives, pumps and other
accessories for electric and hybrid vehicles.
The investment enables Danotek, based in Canton Township to expand
research and development, install utility-scale megawatt load testing
equipment, hire and train workers and launch production of a projected
4,000 permanent magnet generators annually.
"We are gearing up to support the rapid growth of the global wind
market," said Dan Gizaw, president and CEO of Danotek. "Wind turbine
manufacturers and wind farm developers are significantly expanding
operations worldwide, particularly in Europe, China and the United
States. We design and manufacture advanced permanent magnet generators
and power conditioning systems that enable those business ventures to
dramatically improve energy efficiency, cut costs and increase revenue."