One of Ireland’s leading wind-turbine producers, Airsynergy, has raised €2m in funding, which it hopes to put back into new clean-tech projects.
Founder and chief executive of the Longford-based company, Jim Smyth, said the company raised the €2m from existing and new investors in its fourth funding round over the past seven months, bringing total investment to €5m.
The company, which employs 14 people, has also stated it intends on having a further funding round later this year.
The new funding will primarily be used to drive the company’s national and global network of licensees to manufacture and sell products with the intention of promoting its flagship wind turbine and wind-powered street lights.
Airsynergy has also created new links with Irish-American businesspeople after the New York-based DGC Capital Contracting Group purchased a stake in the renewable-energy company.
DGC’s CEO, Gerry Ryan, originally from Tipperary, is also CEO of Aris Renewable Energy, which has obtained a licence from Airsynergy to develop, manufacture and sell wind turbines and wind-powered street lights using Airsynergy’s patented technology in the US and Caribbean.
Ryan has also joined the Airsynergy board, which includes businessman and Irish TV personality Eddie Hobbs as a non-executive director.
Speaking about the decision to invest in the company, Ryan said: “The Airsynergy technology is a game changer for the sector as it 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.”