Swedish wood technology company Modvion has raised SEK 125 million ($11.8 million) to take its wooden wind turbine towers to the market. Leading global wind turbine manufacturer Vestas, Almi Invest Greentech, the European Commission’s EIC Fund, Course Corrected VC and Symbia VC invested in this round.
The new capital was raised through an oversubscribed convertible note issue. There was strong support from current shareholders, including Vestas Ventures, the corporate venture capital arm of Vestas, and the European Commission’s EIC Fund.
They were joined by a consortium of new investors including Swedish climate-focused investors such as Almi Invest Greentech and Course Corrected VC, alongside Symbia VC, an Austrian corporate venture capital fund focused on innovation along the wood value chain. Among the participating investors were a group from Falkenberg, looking to support Swedish industrial initiatives.
Bild: Modvion
Modvion’s patented technology enables taller towers and increased electricity production. Wind turbines are expected to double in size in the coming years, going from a global average of 3.4 megawatts to 6.6 by 2030. Significant markets in Europe are already well ahead of the curve and bigger wind turbines need taller towers, where Modvion’s solution is the most competitive.
The wooden towers are built in modules, which are easy to transport to sites that would otherwise be inaccessible. The modules are made using an engineered wood product called Laminate Veneer Lumber (LVL) that has a higher specific strength than steel, allowing for a lighter tower construction.
Modvion’s next milestone is building their first commercial installation later this year. The 2-megawatt wind turbine will stand at 150m total height, including the blades. Following that there are plans for a 6-megawatt wind turbine, one of the largest platforms used on land, while in parallel scaling up production capacity.
Swedish wood technology company Modvion develops demanding designs made of laminated wood, nature’s carbon fibre, for large-scale applications.
