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GM Ventures invests $10 million for wind energy technology

Written by corres2

Offshore staff

OSLO, Norway — Wind Catching Systems AS, the developer of floating offshore wind technology, announced a Series A investment round of up to $10 million led by GM Ventures to help fund the development and commercialization of the technology, according to a recent news release.

Wind Catching Systems and General Motors also have entered into a strategic agreement for collaboration covering technology development, project execution, offshore wind policy and the advancement of sustainable technology applications.

“Together with Ferd, North Energy and Havfonn, we have a strong investor base to support our ambition to have a commercial installation by 2027,” said Wind Catching Systems CEO Ole Heggheim. “The Wind Catching technology has significant competitive benefits compared to conventional floating offshore wind technologies, and we see great opportunities for deployment at the Utsira site in Norway and at other locations worldwide.”

In addition to GM Ventures, current investors Ferd AS and North Energy ASA have participated in the round. New investors include the Bergesen family through Havfonn AS.

The target for Wind Catching Systems is to enable offshore wind operators and developers to produce electricity at a cost that competes with other energy sources, without subsidies. The company is developing floating multi-turbine technology. The technology is expected to cut acreage use by more than 80% and increase efficiency significantly in comparison to conventional floating offshore wind farms, the release stated.

Wind Catching Systems’ technology is projected to have a structural design life of 50 years, should cost substantially less to maintain than conventional floating offshore wind solutions and will aim to 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 production as five conventional 15-MW offshore wind turbines.

GM Ventures and Wind Catching Systems are looking for areas of collaboration, including engineering and design processes and sustainable sourcing.

06.16.2022


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