Swedish start-up Modvion has secured €500,000 in early stage financing to develop a modular wooden tower for supporting multi-MW turbines.
Company chief executive Otto Lundman said: “The new capital enables Modvion to strengthen our team and to complete the commissioning of our first prototype tower.
“It’s great to be backed by such a strong investor network who are dedicated to bring our product to the market”.
Chalmers Ventures is one of Modvion’s investors. Business coach Lotta Lehikoinen said: “I’m impressed by Modvion’s competent, focused, and driven team.
“Thanks to the new funding, the company can continue on the path to become an established supplier of climate-neutral and cost-efficient wind towers.”
Modvion’s first prototype tower, for a 40-metre high wind turbine, will be built near Gothenburg, in Sweden, this summer together with Chalmers University of Technology.
The tower will be made in Moelven Toreboda’s glulam factory.
Lundman said: “When commissioned, the 40-metre power plant will become a land-mark for advanced wood construction. By proving our tower technology in this down-sized prototype, we are well equipped for the next step; to build a 150-metre commercial power plant.”
Larger capacity turbines mean greater energy yield and lower cost of energy, but transporting towers for supersized turbines is a logistical challenge.
Modvion’s product is a modular wind power tower made of laminated wood, designed for altitudes of over 130 metres hub-height.
The modular elements are easy to transport, and it cuts the tower cost by 40% compared with steel towers.
According to the company replacing a single 150-metre steel tower, with one made of wood, cuts 2000 tonnes of carbon dioxide emissions.