January 8 (Renewables Now) - US energy technology company SheerWind Inc, the developer of funnel-shaped wind turbines, has filed for Chapter 7 bankruptcy, the Minneapolis/St Paul Business journal reports.
The Minnesota-based company had USD 3.7 million (EUR 3.1m) in liabilities and no assets, according to a bankruptcy filing at the end of December 2017, according to the report. Among its creditors are Bauer Design Build, consulting company QRDC, run by SheerWind’s founder Daryoush Allaei, and VJS Construction.
SheerWind was set up in 2010. Its technology captures, accelerates, and concentrates wind energy. The company says on its website that the Invelox wind power generation system “solves the major problems that have so far undermined the wind industry”, such as low turbine reliability, intermittency issues, and adverse environmental impact.
SheerWind has secured several licensing deals in the US, China and Europe. However, revenues dropped to USD 4,500 in 2017 from USD 1.47 million a year back following certain technical challenges, which it said in August are not related to its technology but are caused by equipment provided by its vendors. The company said at the time it needed “an infusion of meaningful capital instead of just enough for boot-strapping the company.”
(USD 1.0 = EUR 0.834)