Swedish wooden turbine tower firm Modvion has raised SEK 125 million (€11 million) as it targets a first commercial installation of its technology later this year.
Modvion plans to use wood – which would be less emissions-intensive than concrete or steel – for its wind turbine towers in a bid to cut emissions.
Previous backer Vestas Ventures joined new investors Almi Invest Greentech and Course Corrected VC from Sweden, as well as Austrian venture capital firm Symbia to fund Modvion in its most recent convertible note issue.
“This oversubscribed issue will allow us to take the next step in bringing our technology to the market and help the wind industry to build sustainable and cost-effective towers,” said Modvion CEO, Otto Lundman.
Modvion claims the laminate veneer lumber it uses for its towers has a higher specific strength than steel, allowing for a lighter tower construction, while its modular design will enable transport to sites that would have been inaccessible for larger components.
It aims to complete its first commercial installation – a 2MW turbine with a tip height of 150 metres – later this year.
In 2020, Modvion built a 30-metre prototype of its wooden tower on the Swedish island of Björkö.