Noventi Ventures is Lead Investor
December 8, 2008
Mariah Power (www.mariahpower.com), manufacturer of the Windspire®, a residential and commercial wind power appliance, today announced the closing of its second round (Round B) of financing, aimed at funding the growth of the company. Investors in the round are prominent venture capital firms in California: Noventi Ventures (www.noventivc.com), that led the round; Greenhouse Capital (www.greenhousecapital.net); BigSky Partners (www.bigskyvc.com); and Sierra Angels (www.sierraangels.com). This announcement culminates a year of significant business milestones including: the release of Windspire to market in June of 2008; the signing of an agreement for Mariah Power's first highvolume manufacturing facility in Manistee, Michigan; the installation of numerous Windspires in business and residential locations across the country, including one at the U.S. Botanic Gardens in Washington, D.C.; and the honor of receiving Popular Science's "Best of What's New" Award in the December 2008 issue.
Mariah Power provides low-cost, attractive renewable wind energy generators to residential, business and government customers. Its patented Windspire technology maximizes energy conversion from wind into electric power, regardless of changing wind speed and direction. Windspire is distinguished by its sleek propeller-free design, silent operation, simple installation and affordable pricing. Mariah Power Closes Second Round of Funding
"This round of funding will unleash the tremendous potential of Windspire to transform the wind energy sector by overcoming historical obstacles such as cost and aesthetics," said Mike Hess, president and CEO of Mariah Power. "The investment will fund the expansion of manufacturing, market transformation and internationalization of the product. Mariah Power is committed to making wind power a viable option for today's environmentally-minded and cost-conscious consumers, whether in urban or rural areas."
"At Noventi, we believe that small wind technologies will play an important role in the renewable energy arena, and we have always been impressed with Mariah Power," said Simone Rizzi, investment manager at Noventi. "They have a compelling technology that they turned into an excellent product, plus they are a strong and motivated team with the right skills to make Mariah Power a very successful company."
Based in Reno, Nevada, Mariah Power provides low-cost, low-noise, attractive wind power appliances for use with residential, business, and commercial buildings. The company's patented technology maximizes energy conversion from wind into the electric power, regardless of changing wind speed and direction. The company's first vertical axis wind power appliance, Windspire®, is now available for shipment. For more information, visit www.mariahpower.com.
Noventi Ventures is an early-stage venture capital firm focused on building successful companies through the partnerships established with its entrepreneurs. By leveraging decades of operating experience, a global network of resources, and a proven approach to venture investing, the firm's management helps guide its companies through the many seen and unseen challenges of growth. The firm focuses on the convergence of technology, energy and the environment and believes that the application of technology to the challenges of energy production and environmental stability will have far-reaching effects on the global economy for decades to come - and seeks to capitalize on that innovation. For more information, visit www.noventivc.com.
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