News Article

Wind Energy Company Accio Energy Inc. Raises $1.9 Million Series A And Expands Board Of Directors: New Directors And New Capital Accelerate Progress Of Startup That Captures Wind Energy Without The Use Of Turbines
Date: May 02, 2011
Source: Company Data

Featured firm in this article: Accio Energy Inc of Ann Arbor, MI

Ann Arbor, MI -- May 2 , 2011 - Accio Energy, Inc., an early stage alternative energy company, today announced that the company has raised $1.9 million in a Series A financing round to continue development of its innovative technology to capture wind energy without the use of turbines. The round includes $1.4 million in new money from investors such as Ann Arbor-- based Resonant Ventures plus a number of new angel investors, and also includes conversion of previously announced investments by Automation Alley, the University of Michigan's Frankel Fund, and other early angel investors.

“ There is no question that the underlying technology is a complete paradigm shift in wind generation. With that said, we invested in the team’s approach to the problem. Their methodology has allowed them to move through engineering challenges at a rate comparable to what we would expect to see in the information technology companies more typical of a Resonant investment,” said Michael Godwin, Managing Director, Resonant Venture Partners , who will be representing the Series A investors on Accio Energy's newly expanded Board of Directors. Also joining existing Board members Mary Campbell (Chair), Jen Baird (CEO), and Dawn White (Co -- founder/CTO) are Robert Buckler, retired President and Chief Operating Officer of Detroit Edison, and Thomas Kinnear, Executive Director, University of Michigan Zell Lurie Institute for Entrepreneurial Studies . Collectively, these directors bring a wealth of early stage technology company and energy industry experience to assist Accio Energy in accomplishing its objectives. “ As chairperson of their advisory board, I have seen Accio Energy from the inside. I know that their innovative wind energy technology can change the game from within energy industry. I am excited to join the Board of Directors ,” said Robert Buckler.

“There are few truly innovative wind energy technologies. We are pleased that investors continue to be excited by the potential of Accio Energy’s Aerovoltaic™wind energy system. It is the only wind energy generation approach that can win on features and price by eliminating spinning blades and copper wound generators. We are focused on using our new funds and the support of our new Directors to further accelerate the maturity of our technology,” said Jen Baird, CEO, Accio Energy. Accio Energy is developing a novel electrohydrodynamic approac h to renewable wind energy generation that employs silent, stationary flat panels and charged water mist to harvest wind energy. Its Aerovoltaic™ generators use wind energy to separate charged water particles and create an electric current without the use of moving parts , greatly reducing both costs and noise . The Aerovoltaic systems allow for centralized power conditioning that is ground rather than tower - based, providing ease of installation and maintenance. The modular systems are also flexible, allowing customers to combine the modules to install grid - integrated generation capacity appropriate to their needs .

Accio Energy’s Aerovoltaic flat panels a re composed primarily of engineered tubes , arranged in modular configurations sized from 5kW to 20kW. Customers will be able to combine the modules to install grid - integrated generation capacity up to and beyond 1MW. The systems will ultimately be manufactured at unsubsidized costs that approach the cost of new utility scale coal and natural gas power plants.