Accio Energy just landed a lot of money. And that means further development of its innovative wind energy generation systems. And the Ann Arbor-based startup has its eyes on raising even more in busy 2016.
The 7-year-old startup received a $4.5 million award from the U.S. Department of Energy's Advanced Research Projects Agency - Energy to fund the field testing of Accio Energy's technology. Accio Energy plans to spend next year laying the groundwork to field test its off-shore wind energy generation systems off the coast of Maine in 2017.
"This is our opportunity to scale it more than 10 times and take it offshore," says Jen Baird, CEO of Accio Energy
Accio Energy's technology generates alternative energy from the wind without the turbine. Its aerovoltaic technology harnesses the electrokinetic energy of the wind (think static electricity) through a screen-like piece of equipment with no moving parts. The technology has been proven in wind tunnels, but this new funding means it can be built up for field testing in Penobscot Bay of Maine near the town of Castine.
The federal funding is a bit more than a grant because the feds will have an active role in the project, but the money is still non-dilutable government funding. It will also allow Accio Energy to hire a few more people to its staff of eight employees. The federal partnership comes with a 10 percent match requirement for Accio Energy and Baird expects to begin raising a multi-million-dollar seed round next year.
"It's a big step," Baird says.
Source: Jen Baird, CEO of Accio Energy
Writer: Jon Zemke
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