Swedish company SeaTwirl has signed a letter of intent with Belgium’s Colruyt Group and Norwegian outfit Norsea Group to collaborate on financing, developing and installing the former’s S2-1MW floating vertical axis wind turbine.
The scope of the investment in the S2-1MW, which is the second scale-up of SeaTwirl’s technology, is Skr70m (€6.7m), provided certain milestones are met, the company said.
When the undisclosed milestones are met, Colruyt Group and Norsea Group will each own approximately 19% of the company.
SeaTwirl chairman Roger Cederberg said: “Having NorSea Group and Colruyt Group/Parkwind as partners would enable to take SeaTwirl to a whole new level with the respective companies’ expertise in offshore operations and the establishment of offshore wind farms.”
NorSea Group has experience in offshore and marine operations and contributes to the development, service and installation in the sea.
Colruyt Group, via its subsidiary Parkwind, develops, builds and operates offshore wind farms.
The letter of Intent outlines the key terms and conditions of the contemplated partnership and capital increase, which is subject to confirmatory due diligence proceedings with both partners.
NorSea Group chief executive John Stangeland said: “The global demand for clean and sustainable wind energy is growing fast. NorSea Group, together with our owner, the leading global maritime group Wilhelmsen, wants to contribute with experience and resources into the green and renewable sector.
“We recognize that the industry will need to move further offshore into water depths where fixed-foundation turbines are not feasible and at the same time improve the cost for the total supply chain for floating solutions.
“The vertical, less complex and anchored SeaTwirl design has the potential to improve the whole supply chain.
“NorSea Group is excited to join SeaTwirl and Colruyt Group in further technical, concept development and testing of the SeaTwirl pilot.”
SeaTwirl chief executive Gabriel Strangberg said: “We have received exactly the competence we wanted from our partners and we are very satisfied. These partnerships are an important step in our continued journey.”