Molycorp (MCP) Invests in Boulder Wind Power
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Molycorp, Inc. (NYSE: MCP), is making a significant investment in Boulder Wind Power, which has designed a rare earth magnet powered wind turbine generator that can produce electricity as low as $0.04 per kilowatt-hour.
Molycorp invested in Boulder Wind Power's Series B Convertible Preferred Stock as part of a $35 million capital raise by the company.
With the investment, Molycorp gains board representation in Boulder Wind Power and is positioned to be the "preferred provider" of rare earth magnets and/or alloys for wind generators using this technology. Molycorp is using cash from operational earnings for the investment. Other details of Molycorp's investment were not disclosed.
Joining Molycorp in this investment round was the venture capital firm New Enterprise Associates (NEA), an early investor in Boulder Wind Power. NEA is a key investment player in the clean energy, IT, and health care spaces, with more than $11 billion in committed capital.
Molycorp invested in Boulder Wind Power's Series B Convertible Preferred Stock as part of a $35 million capital raise by the company.
With the investment, Molycorp gains board representation in Boulder Wind Power and is positioned to be the "preferred provider" of rare earth magnets and/or alloys for wind generators using this technology. Molycorp is using cash from operational earnings for the investment. Other details of Molycorp's investment were not disclosed.
Joining Molycorp in this investment round was the venture capital firm New Enterprise Associates (NEA), an early investor in Boulder Wind Power. NEA is a key investment player in the clean energy, IT, and health care spaces, with more than $11 billion in committed capital.
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