It began with a drawing on a napkin. Now, AirLoom energy TechCrunch has learned that it is raising $12.7 million in latest financing.
According to A., financing got here from 21 investors regulatory filings which does not contain the names of supporters. The company didn’t immediately reply to a request for comment.
A startup from Wyoming has an revolutionary approach to wind energy. Instead of placing massive turbines atop 100-meter-plus towers, it attaches vertical blades to cables running in an oval track just 25 meters (82 feet) above the ground. The company hopes to provide electricity at a price of $13 per megawatt hour, which can be greater than 50% cheaper than traditional onshore wind power.
The idea for the racetrack setup was inspired by kiteboarding, a hobby of founder Robert Lumley. He first sketched the concept on a napkin at a wind energy conference in Berlin.
Much of the projected savings is resulting from the lower profile of the AirLoom. Today’s wind turbines are becoming more efficient as they grow, but the massive towers and blades are difficult to move, sometimes requiring to yr planning in advance. AirLoom parts are smaller, making them easier to fabricate, move and assemble on site.
AirLoom’s latest seed round raised $4 million in November from Bill Gates-founded Breakthrough Energy Ventures, Lowercarbon Capital and MCJ Collective. At the same time, it also appointed a latest CEO, Neal Rickner, who previously served as chief operating officer of Makani Energy, an Alphabet company that sought to make use of kits to reap wind energy.
In November, Rickner told TechCrunch that the company’s next step can be to refine the technology to the point where it could build a 1-MW pilot, which it planned for 2026. The latest funding will likely help finance that project.