Denver, CO, USA - February 6, 2020 – Keystone Tower Systems, Inc. has started construction on its first full industrial-scale tower manufacturing plant in the U.S. The facility will have the capacity to produce towers for wind turbines representing over 1 gigawatt of energy production per year.
The facility utilizes Keystone’s proprietary spiral welding process, enabling fully automated tower manufacturing at ten times the speed of a conventional tower factory, and with substantial improvements in quality and consistency at a lower cost. The facility, built with support from National Oilwell Varco (NOV), will begin production in a year. It will supply 80 to 100 meter high towers that are used for today’s multi-megawatt wind turbines.
Eric Smith, CEO of Keystone Tower Systems, states: “We are excited to be moving forward at full speed after securing necessary financing and resources for our factory, including from our existing shareholders. Plus, adding NOV to the team brings complementary skills and experience, especially with their long-standing experience in operating manufacturing facilities and managing in-field operations. The entire team is working together to complete the factory and deliver on our first order efficiently and with the highest quality.”
Clay Williams, Chairman & CEO of NOV, commented: “We believe the combination of Keystone’s technology portfolio and forward-thinking team with NOV’s manufacturing expertise will lead to significant innovation in the wind tower space. We look forward to helping Keystone in their efforts to enable cost-effective wind towers around the world.”
Keystone’s initial focus is on manufacturing the current generation of towers in a stationary factory setting, though the machine will be capable of producing large diameter tall towers 170 m in height or greater. The equipment is designed to be mobile for in-field production of towers at the project site, which significantly lowers the cost of high hub height towers by eliminating transportation constraints.
ABOUT KEYSTONE TOWER SYSTEMS
Keystone Tower Systems is a wind tower technology and manufacturing company with their main office in Denver, Colorado. Founded in 2011, its technology enables automated production of towers at higher throughput and with higher quality. Keystone is a venture-capital-backed company with investments from several firms including Finindus NV, the Colorado Impact Fund, and ZOMA Capital.
National Oilwell Varco (NYSE: NOV) is a leading provider of technology, equipment, and services to the global oil and gas industry that supports customers’ full-field drilling, completion, and production needs. Since 1862, NOV has pioneered innovations that improve the cost-effectiveness, efficiency, safety, and environmental impact of oil and gas operations. NOV powers the industry that powers the world.
Finindus is a Belgian investment company backed by ArcelorMittal and the Flemish Region. Finindus invests in growth companies with a specific focus on materials, material processing, sustainable manufacturing and industry 4.0.
ABOUT THE COLORADO IMPACT FUND
The Colorado Impact Fund (CIF) is a Denver-based venture capital firm investing in Colorado companies with high-growth, scalable business models and a commitment to make their community better. CIF was created to support a growing entrepreneurial and impact ecosystem throughout the state of Colorado. CIF manages approximately $80 million of private capital with the Colorado Impact Fund I and the Colorado Impact Bridge Fund.
ABOUT ZOMA CAPITAL
ZOMA Capital is the investment arm for the family office of Ben and Lucy Ana Walton, based in Denver. ZOMA Capital invests in a broad range of market-based sustainable solutions advancing energy, water, and community development in Chile and Colorado. Its global investment portfolio spans multiple asset classes and sectors with an emphasis on addressing environmental and social challenges.
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