Modvion raises €11M to provide green electricity using wooden turbines
Gothenburg-based startup Modvion recently raised €11 million in funding to support its mission of providing low-emission electricity using its ingenious wooden wind turbine.
Founded in 2015, Modvion aims to build a more sustainable wind turbine industry. CEO Otto Lundman said although conventional wind turbines already supplied green energy, they were generally made of materials whose production would cause emissions, such as iron, steel, and fibreglass.
The startup is one of the European wood tech pioneers deploying wood materials to help industries achieve zero greenhouse gas emissions by 2050.
According to Modvion, its wooden turbines produce 90 percent fewer emissions than steel turbines from construction to usage. The wood material stores carbon dioxide, reducing carbon produced by third parties.
Wooden constructions needed
Modvion designs its turbines using modular fabrication technology, enabling each unit to be stacked on top of each other to create larger turbines. Timbers used to build the turbines are also engineered to be stronger than steel.
“To fight climate change, we need more renewable energy, and increased use of sustainable, wooden constructions,” Lundman said.
“This oversubscribed issue will allow us to take the next step in bringing our technology to the market and help the wind industry to build sustainable and cost-effective towers.”
Wind turbine maker Vestas led Modvion’s recent financing effort through its CVC division, Vestas Ventures. EU Commission’s EIC Fund, Almi Invest Greentech, and Course Corrected VC were also on the list of investors participating in the fundraising round.
Modvion will use the fund to initiate its first unit installation. The 150-meter wooden turbine is expected to produce up to two megawatts of electricity.
The remaining fund will help the startup begin working on a new turbine, which is expected to produce up to six megawatts of electricity and will be the largest onshore wind turbine when it is deployed.
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