We were so pleased to announce IQwind as a Red Herring Top 100 Global Company
Bazra, Israel (PRWEB) March 5, 2009
IQwind, a developer of variable gear technology that improves the energy generation efficiency of wind turbines, today announced that it has been recognized by Red Herring as one of the Top 100 Global Companies.
The Red Herring Top 100 Global List
Red Herring's Top 100 Global Companies are selected from an initial list of 1800 eligible companies comprising winners and finalists of the North America, Europe, and Asia Red Herring Top 100 lists. The selection is based on a broad range of criteria including innovation, strength of the management team, global strategy, and ecosystem integration.
IQwind's inclusion in the Top 100 list is a recognition of the potential of the company to become a major player in the wind energy generation market, an industry of over 50 billion dollar which has been growing at annual rate of about 30% over the past three years.
A Breakthrough Technology: More Energy, Lower Cost
The patent-pending variable gear technology developed by IQwind represents a breakthrough in the efficiency achieved by wind turbines, enabling turbines to generate more energy while reducing costs.
The IQwind variable gear can be retrofitted into existing turbines as well as become a standard for new turbines, increasing the overall potential and cost- effectiveness of wind as an alternative renewable energy source.
Retrofitting Existing Wind Turbines: Immediate Impact
Upgrading existing turbines provides an opportunity for IQwind to make an immediate impact on the large installed based of existing turbines. There are thousands of turbines currently operational worldwide, providing a total capacity of 120,000 MW. A quarter of these turbines can gain significant benefits by using the IQwind variable gear, which can increase these turbines' energy yield by 10%-20% while at the same time enhancing system reliability and reducing maintenance costs. With these benefits, payback on the retrofitted IQwind gear is within one year.
New Wind Turbines: High Growth Opportunity
In addition, the IQwind variable gear is expected to become a key component in newly designed turbines, which have reached a record of over 27,000 MW of added capacity in 2008, a 42% increase over the previous year. By the year 2020, global wind turbine capacity is expected to reach 1,500,000 MW, providing 12% of the global electricity consumption.
IQwind co-founder and CEO Gideon Ziegelman said, "We are thrilled to have been selected to the distinguished Red Herring Top 100 Global list. We are introducing a disruptive gear technology into the wind energy market in order to improve the efficiency of both old and new wind turbines. We will begin retrofitting existing turbines by next year and look forward to becoming a key contributor to the enablement of more efficient production of renewable wind energy."
"We were so pleased to announce IQwind as a Red Herring Top 100 Global Company," commented Red Herring publisher Alex Vieux. "IQwind has proven to be a company excelling in their industry and its ripples have turned into waves. It was difficult for us to narrow down, but we are pleased to have included IQwind in our list of promising companies. We look forward to the changes it will make to its industry in the future."
IQwind is aiming to advance the efficiency of wind energy production. Using patent pending technology, IQwind's variable gear solution can improve the efficiency of both existing and new wind turbines while reducing the associated costs. Consequently, the use of IQwind's technology will have a substantial positive impact on the economic viability of wind turbines as a source for clean renewable energy and the ensuing environmental benefits. IQwind is funded by Terra Venture Partners and private investors.
About Red Herring
Red Herring is a global media company, which unites the world's best high technology innovators, venture investors and business decision makers in a variety of forums: a leading innovation magazine, an online daily technology news service, technology newsletters and major events for technology leaders around the globe. Red Herring provides an insider's access to the global innovation economy, featuring unparalleled insights on the emerging technologies driving the economy.