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Home > Latest News > Scottish wind turbine £500,000 investment

Scottish wind turbine manufacturer receives £500,000 investment

Small Scotland-based wind turbine manufacturer Proven Energy Ltd. has received an investment of £500,000 (USD $672,000) from Cleantech investor Low Carbon Accelerator. The investors hope to propel the company’s product development as well as expand senior management.

Formed three years ago, Proven Energy has succeeded in raising finances totalling £7.15 million (USD $9.6 million), with equity ownership at 49.83 percent. This latest investment will be used to accelerate product development of the enhanced turbines and prepare for the next phase of growth by expanding the senior management team. Additionally there will be an upgrade to the production of quality-control systems.

Proven Energy’s sales projections are optimistic, and perhaps rightfully so. In a time when wind power is in high demand; governments worldwide offering tariff support and capital grant programs, and the United States intending to extend its wind power program to cover up to 20% of the nations total electricity needs by 2030, the company predicts sales of more than £100M p.a. in the next five years. Regularly delivering small-scale, high-performance wind turbines for prolific clients like BP, Sainsbury’s, BT and B&Q, Proven Energy has already manufactured and installed more than 2,000 turbines worldwide.

Claiming its designs so robust they can operate “even in hurricane force wind”, Proven Energy became the first company in the world to power a polar base earlier this year; the International Polar Foundation base in Antarctica. This has never been done before and constitutes a milestone in the industry.

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