Iceland Mag

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Iceland Mag


American tourist comes to the rescue of an Icelandic wind energy startup

By Staff

  • Harnessing the howling winds IceWind plans to install its first turbines ontop the bus stop by Harpan concert hall in downtown Reykjavík on February 1, powering lights, heating and a charging station for portable devices. Photo/IceWind

An American traveller who was visiting Iceland last summer has made a large investment in a small Icelandic wind-energy start-up, ensuring the company can bring its innovative turbines to market, the local news site reports. The young entrepreneurs behind the company told the investment ensured they could finally dedicate all their time to the company.

Read more: Iceland’s howling winds to be harnessed so you can charge your mobile devises at the bus stop

The company, which is called IceWind has developed small wind turbines for summer cottages and communication masts. It’s innovative turbines have been the subject of a story on CBS.

American tourist to the rescue of local entrepreneurs
Sæþór Ásgeirsson, one of the founders of the company told that the American traveller, who wishes to remain anonymous, had been visiting Iceland last summer, and had seen their equipment during his visit. The American investor kept in contact with the company. Then, when the company was invited by the US Embassy in Iceland to participate in an US power generation convention, PowerGen 2015 in Las Vegas, the founders of the company met the American traveller once again.

According to Sæþór the investment, which is several hundred thousand US dollars, will allow him and other founders to focus solely on the company. “We have been waiting for this for a long time. Without this funding we would simply be at a standstill, we cannot continue to run this on air alone.” He adds that the company has been in contact with a number of investors since 2012, but “then this man just walks in, and things are wrapped up in three weeks.”

Subject of a story on CBS
The company has also been seeking funding on crowdfunding site Karolina Fund. But the company seems to have experienced a real breakthrough in its financing in the past month, especially after it was featured by CBS on December 22. “Things have been crazy since then and our inbox full of inquiries from investors, re-sale agents and prospective customers. Everything just changed in this one month.”

A prototype of the wind turbines will be installed on top a bus stop by the concert hall Harpan in downtown Reykjavík on February 1.

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