Windspire Energy Inc. of Reno said last week it raised the first $1 million of a proposed $3 million round of financing.
The company previously known as Mariah Power said the financing round was led by venture capital firms Noventi Ventures of Menlo Park, Calif.; Greenhouse Capital Partners of Sausalito, Calif.; and Big Sky Partners of Los Angeles. All are existing investors of privately held Windspire.
Windspire has developed a vertical axis wind turbine.
The company said it will use the latest round of equity financing for continuation of its research and development efforts, financing the launch of the its Windspire appliance into international markets and general corporate purposes.
Giacomo Marini, managing director of Noventi Ventures and chairman of the board of Windspire Energy, said the company sees "a tremendous market opportunity" in international sales.
Walt Borland, president and CEO of Windspire, said the company expects to begin selling internationally later this year.
He called the new investment "a great vote of confidence from our current investors."
Windspire recently completed installation of 20 of its units at the headquarters of Adobe Systems in San Jose. The electricity produced by the system supplies a station at the Adobe building where electric cars are charged.
Founded in 2005, Windspire brought its first product to market in 2008. It contracts its manufacturing with MasTech Wind of Manistee, Mich.
