Vestas has deepened its investment in Swedish wood tower technology company Modvion.
The Danish company, through its venture capital arm Vestas Ventures, has “strengthen its collaboration” via a recent directed share issue.
Vestas said the new investment will support Modvion’s rapid production scale-up, with a long-term goal of integrating wooden towers into its offerings to customers.
Vestas Ventures made its first investment in Modvion in February 2021.
“Our collaboration with Modvion holds significant potential to help accelerate the energy transition and further increase sustainability within the wind energy industry,” said Bo Svoldgaard, Senior Vice President and Head of Innovation and Concepts at Vestas.
“Modvion’s towers are lighter than traditional ones and have a modular product architecture which aligns well with Vestas’ strong focus on modularization. The construction facilitates transportation to logistically challenged places and allows for increased turbine hub heights, potentially contributing to a reduction in cost of energy.”
Vestas has expressed interest in exploring the use of Modvion’s technology in its product line as part of its efforts to deliver more sustainable energy solutions.
Vestas’ new investment will support Modvion’s rapid production scale-up, with a long-term goal of integrating wooden towers in Vestas’ offerings to accelerate market adoption.