Sep 14, 2011 - US rare-earth elements producer Molycorp Inc (NYSE:MCP) has taken part in a series B convertible preferred stock investment round of wind energy technology firm Boulder Wind Power that has raised USD 35 million (EUR 25.7m).
Molycorp did not announce the size of its investment, saying only it was a significant one.
Boulder Wind Power has designed a rare-earth magnet-powered wind turbine generator that can produce electricity at USD 0.04 per kWh thanks to the company's patented wind turbine technology that uses dysprosium-free rare-earth magnets, Molycorp said in a statement.
The investment enables Molycorp to get board representation in Boulder Wind and to be the "preferred provider" of rare-earth magnets and alloys for wind generators that use this technology.
Molycorp will finance the investment with cash from operational earnings.
Venture capital firm New Enterprise Associates (NEA), which is Boulder Wind's existing investor, also took part in the investment round.