Wind energy firm Accio Energy scores $1.9M in angel funds

Wednesday, May 4, 2011 | Source: Concentrate

Accio Energy closed its first round of fundraising, a Series A angel round, and is now richer by $1.9 million and three new members on the board of directors.

The alternative energy firm, developer of a novel way to harness wind energy, took in $1.4 million in cash from a combination of angel investors and small venture capital firms, such as Ann Arbor-based Resonant Venture Partners. The other $500,000 comes from convertible debt.

"It's a big round for an angel round," says Jen Baird, CEO of Accio Energy.

The firm also welcomed three more high-profile names to its board of directors. The new additions include retired DTE Energy President & COO Bob Buckler, University of Michigan Zell-Lurie Institute for Entrepreneurial Studies Executive Director Tom Kinnear and Resonant Venture Partner Managing Director Michael Godwin.

"The bottom line is about two things," Baird says. "One, we have more capital. Two, we have a bigger, stronger board. Both of those things are important for small companies."

The Ann Arbor-based start-up is developing technology that reinvents the wind turbine without the moving parts. Accio Energy's technology utilizes a system of aerovolatic panels (similar to a car radiator) that harness the wind's energy through a water mist and static electricity.

Baird expects most of the capital raised will go toward continued development of that technology by the start-up's staff of eight employees and a handful of independent contractors and partners.

Baird came on as Accio Energy's CEO last year after building fellow Ann Arbor-based start-up Accuri Cytometers into Ann Arbor's hot entrepreneurial commodity. She raised $30 million from angel investors and venture capital firms over five years. The company was acquired for more than $200 million earlier this year.

Source: Jen Baird, CEO of Accio Energy
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

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