(Credit: Wind Catching Systems)GM Ventures (GMV) is helping fund the development and commercialization of wind catching technology with a $10 million Series A investment into Wind Catching Systems AS (WCS), the developer of floating offshore wind technology.
Wind Catching Systems and General Motors (GM) have also entered into a strategic agreement for collaboration covering technology development, project execution, offshore wind policy, and the advancement of sustainable technology applications.
WCS has a strong investor base to support our ambition to have a commercial installation by 2027. WCS says wind catching technology has significant competitive benefits compared to conventional floating offshore wind technologies and the company sees great opportunities for deployment at the Utsira site in Norway and at other locations worldwide.
Serving as the venture capital arm of General Motors, GM Ventures strategically invests in startup companies that share GM’s enterprise vision of an all-electric, hands-free, and more sustainable future, even beyond the personal vehicle, and connects them with GM’s extensive network of partnerships, iconic brands, technology talent, and manufacturing expertise to accelerate and commercialize innovations globally.
In addition to GMV, current investors Ferd AS and North Energy ASA has 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 currently 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.
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 and WCS are committed to looking for areas of collaboration, including engineering, design processes, and sustainable sourcing.
