LARAMIE, Wyo., Oct. 08, 2024 (GLOBE NEWSWIRE) -- Airloom Energy, the company unlocking the next generation and full potential of wind power, has secured $7.5 million in financing led by Lowercarbon Capital with participation from Breakthrough Energy Ventures, WYVC, Crosscut Ventures, WovenEarth Ventures, Adiuvans, and the Kutnick Family Office to support its vision of revolutionizing wind energy generation. The company also secured $5 million in Energy Matching Funds from the State of Wyoming and a $1.25M non-dilutive contract from the U.S. Department of Defense.
The new funding will support the development of a pilot in Wyoming to prove out power production and system efficiency, while demonstrating that Airloom can build wind for one-third the cost of conventional horizontal-axis turbines. The company will break ground on the project in the summer of 2025.
Just as Horizontal-Axis Wind Turbines (HAWTs) continue to grow in size and complexity, continued cost reductions are hindered by interest rates and supply chain issues. Airloom takes a fundamentally different approach with its simple, mass-manufacturable design that enables higher energy density and a smaller visual footprint without the massive infrastructure that conventional turbines require.
More efficient, easier to deploy wind technology has been a goal for decades, but previous efforts haven’t succeeded in displacing HAWTs because they didn't have the right combination of high energy production, low capital costs, and system sturdiness. Airloom solves this with a robust, scalable system architecture that is engineered to withstand the harsh and dynamic conditions wind turbines are exposed to. In addition, Airloom is engineered to utilize common materials, automated manufacturing, and existing transportation networks. The resulting system is not only built to wind industry engineering standards, but achieves exceptional power production at low-cost.
“As global demand for renewable energy increases, Airloom’s technology offers a breakthrough in reducing the Levelized Cost of Energy (LCOE) while addressing the supply chain challenges that have long hindered the wind sector,” said Neal Rickner, CEO of Airloom. “With a focus on efficiency, scalability, and sustainability, Airloom is positioned to become a key player in the future of renewable energy.”
The Airloom team includes industry veterans from Google X, Boeing, GE, Vestas, Gulfstream, DNV GL, and more. Rickner previously served as COO of Makani, a next-generation wind turbine company owned by Alphabet and Shell.
As Airloom builds its first-of-a-kind pilot project, it has opened dialogue with wind developers, asset owners, and power producers to explore partnerships for its next projects. The company is building a coalition of industry players and early adopters who will get early access as Airloom begins to scale. If you are an interested company or would like to learn more, please visit www.airloom.energy.
About Airloom Energy
Airloom Energy is developing a new generation of renewable energy technology designed to unlock the full potential of wind power. Airloom’s turbines are more efficient, can be mass manufactured, and deployed just about anywhere. Backed by leading investors, Airloom is on a mission to disrupt the wind energy industry and accelerate the global energy transition. To learn more follow Airloom on LinkedIn @airloomenergy, visit the website www.airloom.energy, or reach out directly: info@airloom.energy
About Lowercarbon Capital
Lowercarbon Capital is a multibillion dollar venture capital firm founded by Chris and Crystal Sacca that backs kickass companies making real money slashing CO2 emissions, sucking carbon out of the sky, and buying us time to heal the planet. For more information, visit www.lowercarboncapital.com.
About Breakthrough Energy Ventures
Breakthrough Energy Ventures is a purpose-built investment firm that partners with, launches, and scales global companies that are building an emissions-free global economy. We seek true breakthroughs and are committed to supporting these entrepreneurs and companies by bringing to bear a unique combination of technical, operational, market, and policy expertise. Backed by many of the world’s top business leaders, companies, and investors, Breakthrough Energy Ventures has raised more than $3.5 billion in committed capital and partnered with more than 110 groundbreaking companies. Breakthrough Energy Ventures is the venture capital arm of Breakthrough Energy, a global network of climate leaders committed to accelerating the world’s journey to a clean energy future. The organization funds breakthrough technologies, advocates for climate-smart policies, and mobilizes partners around the world to take effective action, accelerating progress at every stage. Visit Breakthrough Energy Ventures to learn more.
About WYVC
Utilizing federal funds provided by the U.S. Treasury’s State Small Business Credit Initiative (SSBCI), the Wyoming Business Council launched Wyoming Venture Capital (WYVC) in April 2023. Designed to support the innovation and growth needs of founders across the state, WYVC is an equity financing option for Wyoming high-growth companies with an eye toward future exit.
WYVC utilizes two investment strategies – the Direct Strategy and the Funds Strategy – to support the growth of Wyoming startups. The program targets contributing 20% to selected funds or companies’ fundraising rounds. Ultimately, both strategies are designed to support in-state companies and to help bridge the early gaps in startup equity funding.
Contact:
Neal Rickner, CEO
neal@airloom.energy
858-254-2246
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