These are not the brightest days for those in the renewable energy industry. The Trump administration is in full-throated support of coal power, the head of the EPA is no friend to renewables and the legislature’s new tax bill slashed tax incentives for renewable energy.
But that didn’t stop Dumbo renewable energy startup United Wind from raising $2.6 million last quarter. Its founder, Russell Tencer, explained that the smart money is taking the long view on renewable energy, not getting bogged down by Trump’s increasingly reckless antics.
“Short term, it has a lot of impact, because policies are changing in an unfavorable way,” Tencer explained by phone Wednesday. “But longer term, meaning post–this administration, we just don’t see how this trend doesn’t continue more aggressively toward distributed generation.”
United Wind is a platform for wind energy. The company analyzes wind conditions and installs turbines on a user’s property, then leases the electricity to the property owner at a fixed rate.
“There’s no way to affordably get a wind turbine if you’re a farmer, so we set up a turnkey solution without any hassle or upfront cost, so farmers can save money on their bills,” Tencer explained.
Based on Jay Street, with a team of six, United Wind operates primarily in upstate New York. With the funding round, Tencer plans to expand to Colorado, Kansas and Nebraska.