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.
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, a leading power and automation technology group and global supplier to the wind industry. b-to-v is a venture capital investor backed by a network of 200 entrepreneurial private investors investing across different industries including renewable energy.
ROMO Wind (ROMO) is a product led technology and service company generating its business by improving the performance and increasing the production of wind farms.
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.”
Managing Director of Yellow&Blue Investment Management, Albert Fischer says:
We have been impressed by the management’s ability to build a sound company based
on an intelligent business model and a disruptive technology that accurately measures
wind hitting a wind turbine – including wind speed and direction – a notoriously difficult
task. ROMO Wind’s patented spinner anemometer has the potential to become an
industry standard for performance improvement and monitoring of existing and future
wind turbines. Deployment of ROMO Wind’s proven and cost-effective technology brings
incremental revenues by increasing the output of a turbine, which benefits all parties in
the wind industry value chain and opens up a significant addressable market. We look
forward to working with ROMO Wind’s team members in growing the company further.”
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.”
For more information please visit www.romowind.com
