Vestas invests further in wood tower firm Modvion

Swedish wood technology firm Modvion AB said today it has received a new investment from the venture capital arm of Danish wind turbine manufacturer Vestas Wind Systems A/S (CPH:VWS) through a recent direct shares issue.

Vestas Ventures first invested in Modvion, a designer of wooden wind turbine towers, in February 2021.

Vestas’ new investment is intended to help Modvion scale up production. The long-term aim is to integrate wooden towers into Vestas’ offerings.

Modvion erected its first 30-metre (98 ft) wooden research tower outside Gothenburg in April 2020. It plans to build its first commercial tower in 2022.

The company says its wooden towers allow for climate-neutral wind energy as the carbon dioxide absorbed by the trees during their growth period remains stored in the wooden tower.

“Modvion’s towers are lighter than traditional ones and have a modular product architecture which aligns well with Vestas’ strong focus on modularization,” said Bo Svoldgaard, senior vice president and head of innovation and concepts at Vestas.

“The construction facilitates transportation to logistically challenged places and allows for increased turbine hub heights, potentially contributing to a reduction in cost of energy,” added Svoldgaard.

Details of the investment were not provided.

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