Fallbrook Wind Energy Spinout Gets $5M

A spinout of San Diego's Fallbrook Technologies, Viryd Technologies, announced today that it has raised $5M in an investment from a Chinese firm. Viryd, which is applying Fallbrook's continuous variable planetary transmissions to the wind turbine and energy market, said today that it raised funding from Ningbo Shentong Auto Decorations Ltd., a Chinese supplier of parts to the auto industry. The firm said the funding comes along with a joint venture to manufacture wind turbines for world markets, including an emphasis on manufacturing and distribution of wind turbines to the Asian and specifically Chinese renewable energy market. Viryd said it is based in Cedar Park, Texas, although it previously had its headquarters in San Diego.