Flamboyant ducted wind turbine venture Ogin died a costly death in 2017, taking with it hundreds of millions in investments. The debacle tarnished the reputations of Technology Review, Arpa (DOE’s Advanced Research Projects Agency), Vice President Al Gore, and venture capital firm Kleiner Perkins all of whom had helped hype the “revolutionary” design.
Ogin raised more than $150 million in funding — even attracting the attention of former Vice President Al Gore, now a senior partner at Kleiner Perkins Caufield Byers, one of the company’s earliest backers. Late last month, the company entered receivership, and its assets are up for sale.
New Zealand’s Superannuation Fund has written down its $47.5 million (NZ) investment in ducted turbine promoter Ogin.
In June 2016 the Ogin Board of Directors and management mutually agreed to separate. At that point we wrote the Fund’s NZ$47.5 million investment down to nil, and that was included in our annual accounts.”
Former employees of the erstwhile ducted turbine manufacturer Ogin have posted comments about their jobs on a public web site.