Granard-based wind energy technology company AirSynergy last week announced it has completed its latest funding round, which values the company at €40 million.
The company’s founder and CEO, Jim Smyth, said €2 million had been raised from existing and new investors over the past seven months, bringing the total raised by the company, directors and investors over the past five years to €5 million. A further round of funding is planned for 2014.
The new funding will be used chiefly to drive the company’s network of licencees to manufacture and sell products using its designs, in particular its revolutionary wind turbine and wind-powered street lights.
AirSynergy has also revealed that Tipperary-born businessman Gerry Ryan and his partners Brendan Ahern and Daniel Ahern have taken a stake in the firm. The three are founders of the New York-based DGC Captial Contracting Group. In addition, Ryan is also the CEO of Aris Renewable Energy, which has obtained a licence from AirSynergy to develop, manufacture and sell its products in the USA and the Caribbean.
“The AirSynergy technology is a game-changer for the sector as it takes more wind into the system and accelarates the air across the rotor,” Mr Ryan said. “As a result, we believe this technology will enhance life and help shape the physical world for future generations.”
Jim Smyth also welcomed Thomas Nulty to the company as its new COO, saying: “We are delighted to welcome Thomas on board. With his international and manufacturing experience, he can really help drive the next stage of our journey.”