Keystone Tower Systems Attracts Growth Capital to Support its International Expansion
Westminster, CO, USA - 30 October 2017 – Keystone Tower Systems Inc, a Colorado based technology company, has secured significant growth capital to further support the global roll out of its advanced wind turbine tower manufacturing technology.
Keystone Tower Systems has developed and patented an innovative process for spiral welding conical steel structures, enabling greater production efficiencies. The company is tailoring its spiral welding technology for the production of wind turbine towers. The technology significantly reduces the overall cost of tower manufacturing through increased throughput and lower labor and material costs, resulting in a reduction of the levelized cost of energy (LCOE) for wind. The first commercial tower production is planned for 2019.
Earlier this year, Keystone partnered with a leading equipment OEM in the steel industry to roll out the technology worldwide. The first phase focuses on licensing its spiral welding technology to existing tower manufacturing plants for conventional dimension towers. In the follow-up phase, they will pursue mobile manufacturing facilities producing large diameter wind towers at the wind farm site, eliminating limitations on the tower diameter imposed by road transport restrictions.
The current investment round is led by a consortium of Keystone’s existing investors together with Finindus, a Belgium based venture capital company funded by ArcelorMittal and the Flemish Region; the Colorado Impact Fund, a Colorado based fund dedicated to supporting Colorado companies that generate consistent investment returns in addition to positive community impact; and Zoma Capital, the investment arm for the family office of Ben and Lucy Ana Walton, based in Denver, which invests in a broad range of market-based sustainable solutions addressing environmental and social problems.
“We are thrilled to bring onboard incredible partners who will help us accelerate our roll-out plan,” Eric Smith, CEO of Keystone Tower Systems, commented on the transaction.
“Steel and welding technology are at the core of the business of one of our shareholders. It is clear that Keystone Tower Systems is a natural fit within our investment focus,” Hans Maenhout, Investment Director at Finindus, commented.
“The Colorado Impact Fund is excited to support Keystone Tower Systems as it develops and commercializes a world-class technology that will further cement Colorado’s position as a leader in the wind energy sector,” said Scott Reich of the Colorado Impact Fund.
Melissa Cheong, Zoma's Chief Investment Officer, remarked, “We are excited to support an innovative Colorado-based business whose technology has the potential to accelerate the adoption of wind power and expand the geographic reach of renewable energy development.”
ABOUT KEYSTONE TOWER SYSTEMS
Keystone Tower Systems, founded in 2010, is a Colorado based company specializing in innovative wind tower manufacturing technologies. It is the only company in the world with the technology to spiral weld wind towers.
Finindus is a Belgian investment company backed by ArcelorMittal and the Flemish Region. Finindus invests in early stage and growth companies, with a specific focus on materials, material processing and sustainable manufacturing.
ABOUT COLORADO IMPACT FUND
For further information please contact:
Anna Moon, VP of Business Development & Strategy