TPI Composites raises $26 million in growth capital

Investment for the wind blade manufacturer comes from Element Partners.

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TPI Composites Inc. (Scottsdale, Ariz., USA), a supplier of wind turbine blades, announced on Dec. 3 that it completed a Series B-1 funding transaction that raised $26 million in growth capital from Element Partners (Philadelphia, Pa., USA) and existing investors. The company also announced the addition of Michael DeRosa of Element Partners and Daniel Weiss of Angeleno Group to TPI’s board of directors. Current investors Landmark Growth Capital Partners, NGP Energy Technology Partners, Angeleno Group and GE Capital also participated in the B-1 round.

“We continue to be excited about the growth prospects provided by the wind industry,” said TPI president and CEO Steve Lockard. “We are very pleased, especially in the current difficult financing environment, to have raised this equity capital to continue to support our growth.”

Element Partners invests exclusively in established high-growth companies in the energy and clean technology markets. “We have been watching TPI’s progress with interest for several years and are very pleased to join the investor team”, said Element Partners’ managing director Michael DeRosa. “TPI is an ideal addition to our portfolio of companies that provide innovative solutions to global energy and environmental challenges.”