IQwind, a developer of variable gear technology that improves the energy generation efficiency of wind turbines, announced that it has been recognized by Red Herring as one of Red Herring's Top 100 Global Companies.
These companies are selected from an initial list of 1,800 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 is recognition of the company's potential to become a major player in the wind energy generation market, which has been growing at an annual rate of about 30 percent over the past three years.
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.
Upgrading existing turbines provides an opportunity for IQwind to make an immediate impact on the large installed base 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 percent 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.
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."