Eocycle Technologies, a manufacturer of distributed wind turbines, has announced it has received $25 million in financing to expand its operations in markets throughout the US Midwest and Great Plains, as well as in Europe.
The deal was led by Export Development Canada and backed by the Fonds de Solidarité FTQ, with each investing $10 million. This investment has been complemented by a $5 million loan from Investissement Québec. The company manufactures 25 kW and 90 kW wind turbines designed for on-site production, with excess power sold into the grid. These small turbines are primarily for rural areas. The financing will be used to increase staff by more than 50%, hiring new people in sales, production, customer service, and ongoing R&D.
