Swiss Based ROMO Wind Raises New Capital
ROMO Wind, the wind farm optimization company, announced today that Yellow&Blue Investment Management, ABB Technology Ventures and b-to-v Partners along with the ROMO Wind founders have invested €4.8 million in the company.
ROMO Wind, headquartered in Zug, Switzerland is a product led technology and service company, which improves the performance of wind farms. It was founded in Switzerland in 2011 and has further offices in Aarhus - Denmark, Ostenfeld - Germany and Madrid - Spain.
Today the company announced the closing of a financing round. Yellow&Blue, a specialised clean-energy venture capital investor backed by Nuon/Vattenfall and headquartered in the Netherlands led the investment. It invested alongside ABB Technology Ventures, the venture arm of ABB, and b-to-v, a venture capital investor backed by a network of 200 entrepreneurial private investors investing across different industries including renewable energy.
ROMO focuses in particular on optimizing power generation by technically adjusting wind turbine rotors. There is limited availability in the market of accurate wind measurement technology on wind turbines for assessing, correcting and controlling turbine performance. ROMO Wind owns a unique and patented wind measurement technology capable of highly accurately measuring the speed and direction of the wind that hits the wind turbine. The company has signed contracts with large utility wind farm owners jointly owning approximately 18 GW of wind farm installed capacity - the equivalent of more than four times the entire installed wind power capacity of Denmark.
Co-CEO of ROMO Wind, Søren Mouritsen, says: "Current financing conditions are still very difficult for new companies like ROMO Wind. We are extremely proud and excited that these blue chip industry investors with in depth knowledge of the wind power industry have decided to invest in our company. We see this as a strong endorsement of our technology, our team and our business model. We also see it as a major step forward in helping ROMO Wind to penetrate the very substantial global market for optimising wind farms."
President of ABB Technology Ventures, Girish Nadkarni, says:"We believe that the ROMO Wind iSpin technology will become an essential component and retrofit tool for improving and controlling the performance of wind turbines. We also think that the improved performance and yaw misalignment data provided by the iSpin products will become an important and integral part of wind turbine condition monitoring in general."
Partner of b-to-v, Christian Schütz, says:"In recent years, we have observed many companies offering energy efficiency solutions. However, in most cases our investment motivation suffered from long time-to-market projections. ROMO Wind convinced us with its successful initial commercial traction, highly professional team and the upside potential of the technology in the wind market. We think, that with the current investors consortium on board the company is well positioned to reach its product and business development goals."
Swiss start-up turns to the Nasdaq
Last year Auris Medical raised more than CHF47 million in venture capital for further growth. This was the largest round of financing in Switzerland in 2013. The company has two drugs in development: an injection for tinnitus and a drug for hearing loss in the inner ear. The tinnitus medication has already started the third and most expensive stage of development, the phase III trial. The Basel company, which has its headquarters in Zug, intends to raise the necessary capital on the Nasdaq: the IPO should bring Auris a total of $95 million in new money.