Investment by leading grid-related equipment company will provide Pentalum with global market access
Rehovot, Israel, November 17, 2010 -
Pentalum Technologies, an emerging developer of wind sensing technology for control and optimization of wind turbines and wind farms announced today that in its latest round of financing, it has received a strategic investment from ABB, the global power and automation technology group. The new investment will be used to finance Pentalum's continued development of its innovative LIDAR (light detection and ranging) technology.
“Given ABB’s broad expertise and strong position with wind turbine manufacturers and wind farm developers and operators, they are a very strong partner for Pentalum,” said Sagie Tsadka, President and CEO of Pentalum. “Our wind sensing technology can significantly improve the performance of wind turbines and wind farms, and ABB can be instrumental in helping us deliver this benefit to the marketplace through their extensive customer base.”
Pentalum is developing an advanced LIDAR technology that remotely senses the wind vector in front of wind turbines in order to optimally align them to incoming wind flow. Pentalum’s system is also applicable to wind forecasting and site assessment, and is designed to significantly increase wind farm efficiency at a lower cost per site than existing measurement technologies.
The investment was made through ABB Technology Ventures, ABB’s venture capital arm, which invests in early and growth stage companies with technologies of strategic importance to the industry segments the company serves. Other participants in funding for Pentalum included Cedar Fund, which led the round; and Evergreen Venture Partners, both from Israel; and Draper Fischer Jurvetson from the US.
"Cost and complexity issues are hampering the widespread adoption of optimization systems for wind power,” said Girish Nadkarni, head of ABB Technology Ventures. "We have invested in Pentalum because we believe their technical approach will significantly improve profitability for developers and operators of this important renewable energy source.”
(www.ABB.com) is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 117,000 people. ABB provides a wide range of products, integrated solutions and expertise that enable the efficient generation of wind power and its smooth integration into the grid. ABB’s customers include turbine manufacturers, engineering contractors, independent power producers and utilities.
(www.Pentalum.com) is a privately held company, funded by venture capital and headed by highly experienced entrepreneurs and professionals in the areas of optics, fluid mechanics and atmospheric remote sensing. The company develops the SpiDAR: a revolutionary, cost effective, patent pending, wind LIDAR system, for remote sensing of wind. The system targets all three main wind farm applications: wind resource assessment, wind farm operation optimization and wind forecasting.