Dunedin clean tech company reaches crowdfunding goal
Dunedin-based clean tech start-up Powerhouse Wind has reached its minimum crowdfunding goal with three days left to go.
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Hawke’s Bay
Dunedin-based clean tech start-up Powerhouse Wind has equity crowdfunded $409,000 from 79 investors on the PledgeMe platform, reaching its minimum goal with three days left to go.
The company says it has the potential to become the only producer of domestic scale wind turbines in New Zealand, if it can successfully implement its production strategy.
The patented Thinair 102 product, 12 metres tall with a single blade, is a 2KW wind turbine to use along with solar panels on lifestyle blocks and rural land.
The initial working prototype has been operated and tested since 2008, with 12 field trials completed and turbines involved sold to customers.
Powerhouse Wind director Bill Currie says the company will now be able to commercialise the company by bringing on technical and sales expertise.
“After five years of R&D we’re glad we’re going to be able to move into the next phase of our strategy, thanks to the support of our new shareholders.”
Mr Currie, along with co-founders Wayne O’Hara, Richard Butler and Peter Shaw, are former product developers and engineers at Fisher & Paykel.
They envision their turbine will become a common energy generating appliance similar to other domestic appliances or home heating systems, and say they have engineered the turbine to perform reliably and quietly even in high wind.
The campaign is capped at $900,000 for 27% of the company. The minimum investment is $1,154 at $5.77 a share, valuing the company at $2.4 million.
Powerhouse Wind is PledgeMe’s third successful equity raise in the past 10 days, with Sorbet and Angel Food also surpassing minimum funding goals.
Calida Smylie
Mon, 22 Jun 2015
Mon, 22 Jun 2015
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Dunedin clean tech company reaches crowdfunding goal
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