Norwegian floating offshore wind technology developer Wind Catching Systems AS (WCS) said that it has secured up to USD 10 million (EUR 9.6m) in a Series A investment round, led by the venture capital arm of US carmaker General Motors (NYSE:GM).
The funding will support the development and commercialisation of WCS’ multi-turbine technology, a unique structure that can hold multiple turbines arranged in a vertical grid pattern. One such unit is expected to produce as much power annually as five conventional 15-MW offshore wind turbines, claims WCS.
The start-up has also agreed a strategic collaboration with GM in the areas of technology development, project execution, offshore wind policy and the advancement of sustainable technology applications.
WCS’ current investors Norwegian holding company Ferd AS and investment company North Energy ASA also took part in the funding round alongside the Bergesen family, through Havfonn AS, as a new investor.
WCS chief executive Ole Heggheim said the company has a strong investor base to support its ambition to have a commercial installation by 2027. It sees opportunities for deployment at the Utsira site in Norway and at other locations globally.
“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,” said GM’s chief sustainability office Kristen Siemen.
GM and WCS will aim to collaborate in spheres like engineering and design processes and sustainable sourcing.
(USD 1 = EUR 0.962)
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