Wind turbine maker Sauer Energy agrees up to USD 7m in financing

June 21 (Renewables Now) - US vertical axis wind turbine maker Sauer Energy Inc (OTCMKTS:SENY) has reached an agreement that allows the company to potentially draw up to USD 7 million (EUR 6m) in funding in the long term.

New York-based private investment group GHS Investments LLC is the company that has entered into an equity purchase agreement with Sauer Energy. The latter plans to use the funds it will draw to speed up its growth and broaden its productive wind technologies portfolio, it said.

Sauer Energy is the developer and manufacturer of the WindCutter vertical axis wind turbine, with five airfoil blades that use the principle of lift to rotate the shaft. The product is sold as a hybrid system, with solar and energy storage capability.