Quiet UpWind Solutions raises $10M
By Christina Williams
Editor, Sustainable Business Oregon
Wind farm services company UpWind Solutions adds $10 million to its venture capital stash.
UpWind Solutions Inc., a Medford wind energy services company, has raised $10 million of what is expected to be a $18.8 million round, according to a form filed last week with the U.S. Securities and Exchange Commission.
The investment comes about a year after UpWind closed a $28.8 million equity-financing round led by Sand Hill Road investors Kleiner Perkins Caufield & Byers and Connecticut-based MissionPoint Capital Partners.
Representatives from Kleiner Perkins and MissionPoint are both listed on the April filing.
UpWind Solutions CEO Marty Crotty, who joined the company days after the company's last venture capital investment was announced in March 2010, declined to provide any comment about the investment.
"We're not ready to talk about the details," Crotty said.
UpWind Solutions, formed in 2007, is a third-party service provider for the operations and maintenance needs of wind farms. It's a service that will become increasingly necessary as more wind farms spring up around the country and company warranties of the wind turbines expire.
According to the UpWind website, the company employs a staff of about 100 technicians with experience in both onshore and offshore wind energy. The company has field offices in Iowa, Minnesota and Texas and has service contracts in 14 states.
Last Month, UpWind announced a five-year operations and maintenance contract for the 41-turbine Whitewater Hill Wind Farm in North Palm Springs, Calif.
Kleiner Perkins invested in Agilyx Corp. earlier this year. MissionPoint does not list any additional Oregon companies in its portfolio of investments.
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