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Green Angel Syndicate announced today that its members have co-invested in the latest £712k raise for GreenSpur Renewables, a new engineering company pioneering the development of a low-cost generator for the global wind turbine market.
GreenSpur Renewables has developed the world's first ferrite-based Direct Drive Permanent Magnet Generator (DD-PMG) capable of reliable multi-MW generation. It is a low-cost innovation that replaces scarce and expensive rare earth magnets (£40.00 per kg) with cheap and abundant ferrite magnets (£1.00 per kg).
At a time when DD-PMGs are forecast to take an increasing share of the growing global wind turbine market, the GreenSpur DD-PMG eliminates the price, supply and political risks of using rare earth magnets, which are sourced almost exclusively from China. These magnets are also in high demand from many growing industries, including electric vehicles, computing, defence and satellite systems and mobile phones.
With 8 patents pending, GreenSpur’s technology has been identified as a potential game-changer by the Offshore Renewable Energy Catapult and will encourage the growth of DD-PMG technology within the global wind turbine market.
Recent Green Angel recruit, Andrew Hall, joins the GreenSpur Board. Previously CFO of Siemens Gamesa, world leader in offshore wind farms, Andrew explains: “I will be working closely with GreenSpur to make sure that its technology is as attractive as possible to the main wind turbine manufacturers. I look forward to the challenge that this exciting opportunity represents.”
Andrew Hine, GreenSpur Commercial Director, said, “Green Angel Syndicate is an excellent example of how business angel investing should work. Their due diligence process was effective, knowledgeable and to the point. The introduction of Andrew Hall adds great value to our business and is exactly what we were looking for from our investors.”