Member Article

New wind technology could see "realistic payback" from business investment

An innovative wind power company is set to expand its business in the North East as it looks to tap into the region’s green expertise.

North East venture capital firm NorthStar Equity Investors (NSEI) has backed wind power solutions company Vertical Wind Energy Ltd (VWE) with funding of over £1m with the hope of generating more employment in the North East and increasing the region’s use of renewable energy.

CEO of VWE Tony Gordon, says: “We were attracted to the North East because of the region’s strategic commitment to all forms of wind generation and the strong skills base.

“This has enabled us to recruit exceptional people to grow our business.”

VWE has developed a vertical axis wind turbine, which is said to overcome problems with traditional horizontal designs. According to designers, this new turbine offers improved performance and delivers significant benefits to businesses.

Alex Buchan, Investment Manager at NSEI, said: “We believe that VWE has a cost effective technology which will – for the first time – allow businesses to invest in renewable energy with a realistic payback.”

Roland Tate of Tiger Corporate Finance, who represents private investors in the renewable energy sector, added: “One of our investors is Bill Richmond, former Chairman of wind farm developer, Your Energy.

“Bill will join the board of VWE bringing market and technical knowledge to the business alongside a network of contacts.”

VWE has a number of turbines already in place across the UK including Southampton, Leicester, Belfast and East Kilbride, with a further turbine due for installation on the Environment Agency offices in Newcastle.

This was posted in Bdaily's Members' News section by Ruth Mitchell .