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February 04, 2008
Norwegian Fund Invests in US-based Efficient Motor Team
Norway's Energy Ventures has led a $12M B round in Cerritos, California based Direct Drive Systems Inc, a two year old venture that manufactures high speed permanent magnet motors and generators of the multi-megawatts size. The units have no need for a gearbox, said the firm's backers in a statement, and are smaller, lighter and less maintenance intensive than conventional machinery.
We're reporting it because Energy Ventures is European and one of the handful of VC funds here that has experience in backing growth ventures that sell into the oil and gas industry, which is not exactly the easiest market for startups to break into.
A recent success story is MTEM, one of the top 10 vc-backed trade sales last year. It just raised a new $234M fund on the back of several good exits from previous funds. Energy Ventures has offices in Aberdeen, Stavanger and Houston. The firm is currently recruiting VC professionals.
Read - Energy Ventures announcement pdf
Posted on February 4, 2008 11:26 AM | Posted to News And Updates | Permalink
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