Total Energy Ventures (TEV), the corporate venturing vehicle for oil and gas company Total, has invested an undisclosed amount in US-based distributed wind energy provider United Wind.
United Wind installs and manages small wind turbines sized between 10kW and 100kW on behalf of homes and small businesses. Customers pay for the turbines in instalments using money saved from their power bills.
Although the amount provided by TEV has not been revealed, a securities filing from late last month indicated United had raised $6.2m in a series B round, in which energy company Statoil has already invested $3m, and which is expected to reach $7.5m according to the filing.
TEV’s investment was announced yesterday but the companies have not disclosed whether it makes up part of the $6.2m, which followed $800,000 in equity funding in 2013. The filing would appear to differ from the announcement United Wind made in March stating it had closed its $8m series B round.
United Wind also secured $200m in project equity financing from investment firm Forum Equity Partners in March this year which it will use to fund around 1,000 small-scale wind projects.
The series B funding will support United Wind’s expansion into the Midwest, where some of the most environmentally beneficial areas for the US wind industry are located. A representative of TEV will sit on the New York-headquartered company’s board as an observer.
Jérôme Schmitt, Total’s executive vice president for sustainable development and environment, said: “This latest investment strengthens TEV’s participation in the distribution of renewable energy.
“It allows us to explore the interest in small-scale renewable energy solutions which can be connected to the grid and how these can be financed.”
– Photo courtesy of United Wind