Wind Catching Systems in Norway, the developer of a novel multi-rotor floating offshore wind concept, has secured a Series A investment of up to US$10M led by GM Ventures (GMV) to help fund the development and commercialisation of its technology
Wind Catching Systems and General Motors have also entered into an agreement for collaboration covering technology development, project execution and the advancement of sustainable technology applications.
Wind Catching Systems chief executive Ole Heggheim said, “We are proud to have GM as a strategic collaborator and GMV as an investor for the next stage of our technology development and commercialisation journey, providing additional long-term capital.
“Together with Ferd, North Energy and Havfonn, we have a strong investor base to support our ambition to have a commercial installation by 2027.
“Wind Catching technology has significant competitive benefits compared with conventional floating offshore wind technology, and we see great opportunities for deployment at the Utsira site in Norway and at other locations worldwide.”
In addition to GMV, current investors Ferd AS and North Energy participated in the round. New investors include the Bergesen family through Havfonn.
GM chief sustainability officer Kristen Siemen said, “As GM continues to move towards an all-electric future, it’s critical that we simultaneously drive the transition of the grid to low-carbon energy sources.
“GM Ventures’ investment in offshore wind with Wind Catching Systems represents an opportunity to accelerate innovative technology to market, advancing a cleaner, more reliable, and resilient energy future.”
Wind Catching Systems said it wants to enable offshore wind operators and developers to produce electricity at a cost that competes with other energy sources. The company said its technology is expected to cut acreage use by more than 80% and increase efficiency significantly in comparison to conventional floating windfarms.
Wind Catching Systems said its technology will have a structural design life of 50 years, should cost substantially less to maintain than conventional floating offshore wind solutions, and will solve sustainability issues related to recycling, marine resources and CO2 emissions from installation and maintenance.
One Wind Catching unit is expected to have the same annual energy production as five conventional 15-MW offshore wind turbines.
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