FOR IMMEDIATE RELEASE
NextPower360 Secures $1 Million in Seed Funding, Led by Good Growth Capital, to
Revolutionize Wind Power and Electric Vehicle Industries
February 7th, 2024
Asheville, North Carolina
NextPower360, an innovative clean energy company, proudly announces the initial closure of its $1 million seed funding round, led by venture capital firm Good Growth Capital. This investment marks a significant milestone in NextPower360's journey to redefine efficiency in the wind power and electric vehicle industries, and the round will remain open up to a total investment of $2 million.
NextPower360's advanced electric generators and motors are designed to adapt instantaneously to the variable demands of wind turbines and electric vehicles. This unique adaptability ensures unparalleled efficiency and performance, even under fluctuating conditions.
Dr. Tony Iacovelli, the inventor of the technology and co-founder of NextPower360, articulates the company's innovative approach: "At NextPower360, we understand that a generator or motor is fundamentally about the interaction of electric and magnetic fields. Our focus is on mastering these field interactions, rather than merely assembling physical parts. This shift in perspective is crucial for pioneering advancements in energy generation and utilization."
Company CEO, Michael Shore, underscores the opportunity created by the company’s
disruptive technology: “Our mission is to make electrical machines so efficient that our
technology turns the tide in humanity’s fight against climate change.”
John Osborne, Managing Partner at Good Growth Capital, expresses enthusiastic support for NextPower360's mission: "We are thrilled to lead this investment in NextPower360. Their
revolutionary approach to energy generation aligns perfectly with our commitment to fostering innovative solutions for a sustainable future. NextPower360 is not just developing new technology; they are reimagining the very foundations of energy generation and efficiency. Their focus on optimizing the interaction of energy fields represents a paradigm shift in the renewable energy sector. We are confident that NextPower360's technology will play a crucial role in advancing the clean energy landscape." In addition to Good Growth Capital, JACS Capital Partners is an important Seed Round investor.
This funding round is a significant step for NextPower360 in its quest to transform renewable energy technology. The company's innovative approach promises to enhance the efficiency of wind power generation and electric vehicle performance, setting new benchmarks in the industry. NextPower360 will use the funds to open a new R&D facility in Asheville and hire
additional technical staff.
For more information, please contact Michael Shore, CEO
Email: michael@nextpower360.com
Website: https://www.nextpower360.com/
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About NextPower360
NextPower360 tackles a $100-billion problem in the wind energy industry with a generator that runs efficiently across a wide spectrum of wind speeds and reduces operational and
maintenance costs. The generator offers a smaller, lighter, more reliable design that can
intrinsically adapt to variable wind speeds and harvest wind energy that is intentionally wasted by today's wind turbines.