I just thought I would mention this new company in Springville, it may have big potential for the area. (I have been meaning to make an alternative energy thread for other reasons anyway.)
I’m curious how that works if nobody has a majority share when they try to dictate business direction etc.
I met this guy, he was interesting and very very confident in his product.
Any idea on cost? I had a solar company come out and quote me ~$10k after numerous rebates that would cover 60-75% of all electrical supply needs.
I still can’t wrap my head around this investment structure. Something sounds strange and I have dealt with start ups in the past.
Kean Stimm is holding 51% of the company if not more; he has the controlling share; plus the “Board of directors” I’m sure all have large size shares as well. He’s essentially offering 40k shares to the public at $2.50/share price; trying to raise 100k in funding without going to a VC or similar route. Interesting funding strategy.
Not sure if it’s worth it as I’d really really have to dig into the financials, business models, risks, “patent”, etc. On the surface it sounds good, but most of them do from 10’ away without looking behind the curtain.
Mike (TPGSR) - I’m sure he’s very very confident in his product; 99.999999% of start-up guys are; that’s the problem with most of them is they are too emotionally involved/attached and can not make proper logical business decisions because they’re too caught up in their “baby”.
Ah cool
It didn’t sound like that from the video
I talked to Amherst about wind power and was pretty much told no. In order to have a windmill that would work for me I would have to be about 30ft up and have a yard big enough to allow this to fall and not hit anything.
Hopefully this idea works
Oh I know… I was insinuating “Crazy” with that statement. hopefully this works for them.
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not how it reads on the website:
Kean Wind Turbines is funded and owned entirely by its shareholders. At the time of purchase of their stock, all shareholders must reside within one of the 8 counties of Western New York, which are: Erie, Niagara, Orleans, Genesee, Wyoming, Cattaraugus, Chautauqua, and Allegany. All shareholders are equal with an investment of not more than, nor less than $5,000. To prevent hostile takeovers, shares are not transferable without the permission of the corporation. Shares are transferable through estates.
The company founder, Kean W. Stimm, has a controlling interest in the company. But upon his demise his controlling interest terminates so that the shareholders acquire total control. Also, at that time, a 50% ownership of his very valuable pending turbine patent(s) will transfer to the corporation. The other 50% transfers to the Kean Foundation that will be part of his estate.
Each shareholder receives 200 shares of Class D Common Stock, which provides him or her with 200 votes at shareholder meetings. They share equally in declared dividends that are determined by the Board of Directors (who are also shareholders). Each shareholder also receives 5 shares of Class F Preferred Stock, which have no voting rights, but do receive a fixed percentage of royalties from worldwide licensees. It cannot be diluted with an increase in the number of shareholders. The corporation is registered and acknowledged with the S.E.C. in Washington, D.C. and with the State Department of New York. The corporation filed its original Certificate of Incorporation in March of 2011. A revised Certificate of Incorporation and revised By-Laws were approved by the shareholders and filed during the year 2012. A “Confidential Private Placement Memorandum” was prepared by the corporate attorneys and has been provided to all shareholders.
Existing shareholders were able to secure stock by contacting an officer of the corporation. It is expected that the total number of shareholders will be less than 200 with 40 openings remaining. When these openings are filled, turbine production can begin. The corporation has no debt, borrows no funds, and uses no government grants, subsidies, or tax favors. Nor will the corporation accept property tax or sales tax abatement, as it does not want to be a burden on its community.
So back in January he was looking for economic development money and now he’s gone to a DIY crowd source model?
Stimm claimed that his aluminum turbine, 10 feet in diameter, is 50 times more efficient and turns out 60 percent more power than a three-blade windmill 80 feet in diameter.
^ Pretty sure that if this statement were true and backed up by a working prototype or at least hard data he wouldn’t have any issues procuring funding. Companies would be backing trucks up to house full of money and just dumping it on his lawn.
Maybe I’m wrong. I know if I was seriously considering putting $5k of my money into it I’d want to see more than what he’s got on that website.
“The company founder, Kean W. Stimm, has a controlling interest in the company.” = holds at least 50.1% of the voting shares of the company. It’s worded in lawyer speak such that most people will think everyone is on par with each other, where in as fact they are buying a very small minority share in the company. If I had to guess, the 40k shares he’s selling is MAYBE 20% of the company, if that; I’d be more than willing to bet 5-10% of the company.
Oh the joys of dealing with startups, company valuations, and reading between the lines of flowers to see the piles of manure being hidden! 
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It maybe more efficient… at a specific minimum sustained wind speed… what that speed is obviously is not advertized!
Jannygirl works for this guy.
It’s an interesting idea, I’d like to see a working production model.
Also, if one can own 200 shares max at $5000, the share price equals $25.
D’oh, you are correct; quick math while working on other stuff. So he’s raising $1MM instead of $1M.
Waiting to see how long before someone, or group, tries to block this.
So you guys are saying I should get my $5000 back? 
When one of the gentlemen involved visited my facility he informed me that they are trying to keep as much production in Springville as possible. Maybe I should barter production time for stocks.
He also informed me that they have a working prototype which exceeded their expectations at Calspan’s wind tunnel.
That is all for now. :snky:
I’ll inform you I have a bridge to sell you and how great it is if you’re willing to toss out $5k without seeing it.
Well I didn’t say he wouldn’t let me see it. In fact he didn’t even ask me to invest.
Someone is excited about their startup? You don’t say. Where do I send my check?
Also, I fear some people fall into the startup mentality where they think that just because they make a product, they think everyone wants to buy it and will find a way to buy it. Most companies aren’t Apple.
I hope to (be able to) be off the grid someday, at least the house. Don’t really expect to generate enough electrons to run a compressor or welder though.
The picture of the prototype seems like it’s made of poster paper. If he has a patent why arent there more pics/vid?
As if there aren’t other people out there trying to do the same thing.
RIT had a similar business in it’s incubator that was much farther ahead in development and funding that failed…