Swedish IPO to support vertical axis floating wind tech

Swedish floating wind technology firm SeaTwirl AB is planning to raise SEK 24 million (USD 2.6m/EUR 2.5m) gross on Nasdaq First North to support the development of a full-scale, 1-MW vertical axis wind turbine.

The company is selling up to 600,000 shares at SEK 40 apiece. It said last week that existing shareholders and external investors have already committed to subscribe for 50% of the offered volume.

The subscription period starts today and ends on December 7. SeaTwirl’s shares are expected to start trading on December 22 under the ticker “STW”. Nasdaq First North, a division of Nasdaq Nordic, is an alternative stock exchange for smaller companies in the region.

SeaTwirl has already installed a 30-kW prototype floating offshore wind turbine at Lysekil and it wants to build a full-scale machine, SeaTwirl S2, by 2020. The Nasdaq listing will allow the firm to finance the next 18 months of development, including calculations and simulations, construction of the turbine, permitting and other key steps in the process.

“Our ambition is to sell our first commercial unit to a leading energy company and then establish a small floating offshore wind farm in 2025,” SeaTwirl says on its website.

Some SEK 70 million are needed for the development and launch of SeaTwirl S2, the company calculates. The funds will come from grants, additional capital and partners. Currently, Knut Claesson holds 48.7% in the firm, while the list of shareholders also includes Ehrnberg Solutions AB, Almi Invest AB, GU Ventures AB, SolvInvest AB and smaller investors.

(SEK 10 = USD 1.08/EUR 1.02)

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