Boulder Wind Power — a 2-year-old start-up — announced Wednesday it has raised $8 million in first-round venture capital financing.
New Enterprise Associates, a venture capital group with about $11 billion in investments, and James J. Maguire Jr., an individual investor, are funding the Boulder-based company.
Boulder Wind’s technology aims to address a key problem with wind turbines — the dependability of the gears that help transform wind into electricity, said Sandy Butterfield, a company co-founder and chief executive.
Butterfield is the former chief engineer at the Golden- based National Renewable Energy Laboratory’s National Wind Technology Center.
The most dependable wind turbines have been direct- drive turbines — directly attached to the wind blades.
These turbines, however, are heavier and more expensive.
Through a combination of design and manufacturing technique, Boulder Wind has cut the cost and the weight of a turbine, Butterfield said.
The company plans to have a spinning, full-scale turbine by June, Butterfield said.
Mark Jaffe: 303-954-1912 or mjaffe@denverpost.com
