TPI Composites gets large cash infusion for wind blade venture

The wind blade manufacturer gets the money from GE's investment arm, Landmark Growth Capital Partners, NGP Energy Technology Partners and Angeleno Group.

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TPI Composites Inc. (Scottsdale, Ariz.), a supplier of high-technology wind turbine blades to Mitsubishi Power Systems and GE, announced on Jan. 22 a $20 million cash infusion from four sources: GE’s investment arm, Landmark Growth Capital Partners, NGP Energy Technology Partners and Angeleno Group.

“Even with economic conditions affecting our country and all industries, we believe in the promise of a 20 percent national wind vision set by the federal government,” said Steve Lockard, TPI president and CEO. “This capital investment in TPI will allow us to grow with current and future wind energy customers.”

The investment underscored GE’s unusual participation in the wind industry as a provider of technology and capital. “Our investment in TPI reflects our confidence in TPI’s ability to thrive in the growing global wind energy industry,” said Michael Donnelly, a managing director of GE’s Equity unit.

The new capital will help support TPI’s growth. Last year, the company tripled capacity to produce its lighter, stronger and more durable wind turbines blades in its joint venture facility in Mexico for Mitsubishi Power Systems. In addition, TPI opened factories last year in Newton, Iowa, and Taicang, China, under supply agreements with GE Energy.