United States

United States

Danotek secures venture capital funding for PMG marketing

UNITED STATES: Around $15 million of funding has been secured from four renewable-energy venture-capital firms to market turbine technology for Danotek, a company that develops and manufactures permanent-magnet generators and converter systems.

Danotek said the funding from Khosla Ventures, CMEA Capital, GE Energy Financial Services and Statoil Technology would allow its PMG technology to be deployed in wind turbines later this year.

Danotek CEO Don Naab said: "PMG generators are more efficient than conventional generators. They are half the weight and deliver improved reliability because they contain no wear and tear parts."

This latest round of venture capital brings the total funding invested in Danotek, which is based in Missouri, USA, to $41 million.

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