Sweden’s SeaTwirl is negotiating to sign a Letter of Intent with external investors and partners.
The scope of the planned investment is a total of SEK 70 million (EUR 6.7 million), provided milestones are met, the company said. An investment plan has also been developed for the continued development and installation of SeaTwirl S2-1MW, a floating vertical axis wind turbine (VAWT).
Following the completion of the transaction, the new partners would own approximately 38% of the company.
SeaTwirl is now planning for installation and market introduction of full-scale SeaTwirl S2 turbine. To ensure success, SeaTwirl sought partners with specific experience and expertise in establishing and operating wind farms.
One partner, a Norwegian medium-sized company with experience in the oil and gas industry, is expected to contribute to development, service and installation of the turbine at sea. The other partner, a medium-sized European player who has built offshore wind farms, is expected to contribute to the development and future establishment of wind farms, SeaTwirl said.
SeaTwirl is a VAWT with a tower placed on an underwater structure, which consists of a buoyancy component and a keel at its lowest point.