Shentong Group to Appoint Representative to Join Board of Directors
CEDAR PARK, Texas -- (BUSINESS WIRE) --
Viryd Technologies Inc. (Viryd), a wind turbine technology company dedicated to improving drivetrain technology, today announced the company has received an investment from both existing and new investors, including a significant investment from Ningbo Shentong Auto Decorations Ltd., a supplier to the global automobile industry. As part of the agreement, the Shentong Group will own 16.6% of Viryd and appoint a representative to the Board of Directors.
Viryd and Shentong Group intend to form a joint venture to manufacture wind turbines for markets worldwide, including the manufacturing and distribution of wind turbines to the Asian renewable energy market, with an emphasis on emerging opportunities in China.
"This investment will accelerate the development of Viryd wind turbines, and move us closer to spurring the global adoption of our technology," said John Langdon, CEO of Viryd Technologies. "Asia offers a huge market opportunity for next-generation small wind turbines. We look forward to working with Shentong Group to develop and launch new products specifically designed to offer an environmentally conscious solution to meet Asia's ever-growing energy needs."
With advanced NuVinci® continuously variable planetary (CVP) transmission technology developed by Fallbrook Technologies Inc., Viryd's drivetrains improve energy capture by controlling the rotor to optimize its Tip Speed Ratio (TSR) at all wind velocities. Additionally, the Viryd design allows for the use of an inexpensive and reliable generator that connects directly to the utility grid, eliminating the need for expensive permanent magnet generators, power electronics and inverters.
Recent reports projected China to become the third-largest producer of wind power worldwide in 2009, with the National Energy Administration listing the country's installed wind power capacity at more than 20 GW, up from 12.2 GW in 2008.
"With the improved energy output capabilities and cost reduction potential, Viryd is uniquely positioned to make a large impact in the rapidly expanding wind energy sector in China, the United States and other rapidly growing wind markets," said Lifeng Fang, General Manager of Shentong Group. "We look forward to a mutually beneficial relationship that allows us to produce world-class wind turbine technologies for the global market."
Viryd is a clean-technology manufacturing and development company dedicated to improving the performance and production of energy from wind turbines. Created initially as a subsidiary of Fallbrook Technologies Inc., Viryd became an independent company in 2007. Viryd's initial products include innovative wind turbine drivetrains and complete small wind turbines based on Fallbrook's patented and award-winning NuVinci® technology. Viryd is headquartered in Cedar Park, Texas. To learn more about Viryd, please visit www.viryd.com
About Ningbo Shentong Auto Decorations Ltd.:
Ningbo Shentong Auto Decorations Co., Ltd. (NBST, Original name: No. 18 Plastic Company Yuyao City), established in 1972, specializes in developing and manufacturing interior, outer and power train auto parts. The company is one of the leading auto decorations companies in China, and counts several major auto industry companies as its customers. Currently, the company directly has business with main customers like Shanghai General Motors, Shanghai Volkswagen, FAW-Volkswagen, Dongfeng Peugeot Citroen AutoMobile (DPCA) and Beijing Mercedes-Benz (Daimler Chrysler).
Antenna Group for Viryd Technologies
Caitlin Cieslik-Miskimen, 415-977-1922