Irish wind energy technology company Airsynergy, whose board includes TV personality, Eddie Hobbs, announced today that it has completed its latest funding round which values the company at €40 million.
Founder and chief executive of the county Longford-based company, Jim Smyth, said the company had raised €2 million from existing and new investors in its fourth funding round over the past seven months.
This brings to €5 million the total amount raised by Airsynergy from its directors and investors from Ireland and abroad in the past five years.
The new funding will primarily be used to drive Airsynergy’s national and global network of capable licensees to manufacture and sell products using its cutting edge designs and, in particular, its revolutionary wind turbine and wind-powered street lights. Airsynergy is planning a further funding round in 2014.
Airsynergy has also revealed that Irish-American businessman Gerry Ryan, along with his business partners Brendan Ahern and Daniel Ahern, had taken a stake in Airsynergy. Ryan and the Aherns founded New York-based DGC Capital Contracting Group which Ryan leads as its president and CEO.
The Tipperary-born businessman, who moved to the US almost 30 years ago, won the prestigious Ernst & Young Entrepreneur of the Year Award in 2002 and was inducted into the Entrepreneur of the Year Hall of Fame.
Ryan is also CEO of Aris Renewable Energy that has obtained a license from Airsynergy to develop, manufacture and sell wind turbines and wind-powered street lights using Airsynergy’s patented technology in the US and Caribbean.
His business partner in Aris is Dan Connors, a seasoned renewable energy entrepreneur who co-founded the company with Ryan and his DGC Capital partners to deploy the Airsynergy wind turbine technology to meet the US market’s growing sustainability needs.
Ryan has also joined the Airsynergy board which includes businessman and Irish TV personality Eddie Hobbs as a non-executive director.
Ryan said: “The Airsynergy technology is a game changer for the sector as takes more wind into the system and accelerates the air across the rotor. As a result, we believe this technology will enhance life and help shape the physical world for future generations.”
“And, while the turbines using this technology are the world’s most powerful they are significantly lower in height and perform much better at lower wind speeds than traditional turbines. This means the Airsynergy turbines can work efficiently even in low wind regions and in many situations can produce power cheaper than fossil fuels, particularly as you scale up in size.”
Field tests indicate that Airsynergy’s award-winning design can double the power output from a wind turbine for approximately 20pc capex.
Airsynergy also revealed that Thomas Nulty has been appointed Chief Operations Officer (COO). Nulty, a qualified accountant, was formerly Divisional Manager with Quinn Plastics, General Manager with Foamalite Limited and spent 11 years with Kingspan and so brings with him a wealth of experience in the manufacturing industry.