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GE invests in 'boats to blades' wind manufacturer

General Electric's renewable energy financing business backs wind turbine blade maker TPI Composites which raises $20 million in a series B round.

Indian Wells, Calif.--General Electric is investing in a manufacturer, TPI Composites, that once made fiberglass boats but now has moved into making wind turbine blades and other industrial goods.

GE

TPI Composites raised $20 million in a series B round from GE's investment arm, Landmark Growth Capital Partners, NGP Energy Technology Partners, and Angeleno Group.

The company makes composite materials for wind turbines, military vehicles, and other transportation applications. Its manufacturing process allows it to make materials that are strong and light, according to the company. It currently supplies turbine blades for some of GE's wind turbines and Mitsubishi Power Systems.

GE, which makes $14 billion in its Ecomagination business of environmentally themed products, has invested in a number of smaller renewable energy technology companies, including solar concentrator maker Soliant Energy.

In a statement, managing director of GE Energy Financial Services Kevin Walsh said that the investment fits GE's Ecomagination program and underscores the ability for the wind power industry to create jobs.