It all began with a sketch on a napkin. AirLoom Energy is now seeking to raise $12.7 million in new funding, as revealed in filings obtained by TechCrunch.
According to regulatory documents, the funding is coming from 21 investors, with the identities of the investors not disclosed. The company has not yet provided a response to requests for comment.
Based in Wyoming, AirLoom Energy has developed an innovative approach to wind power. Instead of traditional massive turbines on tall towers, the company utilizes vertical blades attached to cables running along an oval-shaped track just 25 meters above ground. They aim to generate electricity at a cost of $13 per megawatt-hour, a savings of over 50% compared to traditional onshore wind methods.
The concept for the racetrack design was inspired by founder Robert Lumley's passion for kiteboarding. Lumley first sketched the idea on a napkin during a wind energy conference in Berlin.
A significant portion of the cost savings comes from AirLoom's more compact design. While conventional wind turbines become more efficient as they increase in size, the transportation and assembly of the massive towers and blades can be complex, sometimes requiring extensive planning. AirLoom's components are smaller and easier to manufacture, transport, and assemble on-site.
Previously, AirLoom secured a $4 million seed round in November from Breakthrough Energy Ventures, founded by Bill Gates, as well as Lowercarbon Capital and MCJ Collective. Additionally, the company appointed Neal Rickner as the new CEO, who had previously served as COO at Makani Energy, an Alphabet subsidiary focused on wind energy using kites.
In an interview with TechCrunch in November, Rickner outlined the company's plans to enhance the technology and construct a 1-megawatt pilot by 2026. The recent funding round is expected to support this upcoming project.
