Norway: Seatower Raises Funds with Electranova Capital

Seatower Raises Funds with Electranova Capital

Electranova Capital, the new energy technology fund launched by Idinvest Partners, in partnership with the global utility EDF and the support of Allianz, has invested in the Norwegian company Seatower, which develops the Cranefree technology for offshore wind foundations.

Seatower’s Cranefree concept for offshore wind features a self-installing gravity foundation, designed for scalable and efficient manufacturing. This solution will greatly facilitate the construction at deeper waters of large off-shore wind projects in Europe. Last year, Seatower and MT Hojgaard, the leading Nordic construction and civil engineering company, launched their cooperation to commercialize the Cranefree gravity foundation .

Petter Karal, CEO of Seatower says: “I am very happy to announce this important next step for our company. We are currently in a very exciting phase of our business, and it is perfect timing for us to welcome EDF and Allianz as investors. I am looking forward to the cooperation and the mutual growth journey we will be executing together.”

Electranova Capital aims to accelerate the market development and growth of innovative energy technology companies by providing them with financial resources and privileged access to leading industrial corporations such as EDF. The investment in Seatower is the first of two current investments conducted in 2012. Both EDF and Idinvest Partners will contribute their expertise in scaling technologies, and thereby strengthen the company.

Nicolas Chaudron, Partner at Idinvest Partners, stated on behalf of Electranova: “Seatower is building on 30 years of unmatched experience in offshore construction and applies its patented technology to offshore wind. We are pleased to join this very promising company, which is the market leader within the most-promising segment of self-installing foundations. Seatower is now entering the market, and we believe the potential is very significant. I look forward to working with Seatower’s highly skilled team”

[mappress]

Press release, October 06, 2012; Image: seatower