WASHINGTON (dpa-AFX) - Molycorp Inc. (MCP), a producer of rare earth oxides, said Tuesday it is making a significant investment in Boulder Wind Power. Molycorp said it invested in Boulder Wind Power's Series B Convertible Preferred Stock as part of a $35 million capital raise by the company.
With the investment, Molycorp gains board representation in Boulder Wind Power and is positioned to be the preferred provider of rare earth magnets and/or alloys for wind generators using this technology. Molycorp said it is using cash from operational earnings for the investment. Other details of Molycorp's investment were not disclosed.
Joining Molycorp in this investment round was the venture capital firm New Enterprise Associates, an early investor in Boulder Wind Power.
Boulder Wind Power has designed a rare earth magnet powered wind turbine generator that can produce electricity as low as $0.04 per kilowatt-hour.
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