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SeaTwirl raising funds for vertical-axis turbine development

By: Tom Russell 24/11/2022 SeaTwirl

General Turbines

Swedish headquartered SeaTwirl announced that its board of directors have decided to do a rights issue to raise 64.5 MSEK. It aims to finance continued development and the implementation of commercialising its Vertical-axis Wind Turbine (VAWT) technology with a focus on floating wind farms and to add working capital.

The rights issue consisting of shares and warrants with preferential rights for existing shareholders is covered to approximately 60.2 percent by subscription obligations and guarantee commitments. The subscription period will run from 5 January 2023 through 19 January 2023.

The rights issue involves an issue of a maximum of 1,613,429 units, corresponding to 1,613,429 shares and 1,613,429 warrants. Upon full exercise of the warrants covered by the Rights Issue, the share capital may increase by a further SEK 806,714, and the number of shares may increase by a further 806,714 shares.

SeaTwirl has designed a divisible VAWT which it claims reduces costs for installation and maintenance, and minimises downtime. In recent years it has secured patents in Sweden (2017), the US (2019), China (2019), Europe (2020) and more recently Japan (2021).

Having a installed 30 kW prototype, S1, which has been operating efficiently since 2015, SeaTwirl is focusing on the development of SX, the next generation floating wind turbine with +10 MW turbine power. The S2x unit has a height of 55m above sea level, a depth of 80m under the surface and a turbine with a diameter of 50m. In March that SeaTwirl announced it received an approved concession for the installation of the S2x turbine in Bokn municipality, Norway.

Earlier this week, SeaTwirl placed an order for the roller bearing that will be in S2x. It follows news on 15 November 2022, that the company has been awarded a grant for “Larger pilot and demonstration projects for energy and climate change transition” from the Swedish Energy Agency. The grant amounts to 50.4 MSEK.

For more information on offshore wind turbines worldwide, click here.

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SeaTwirl raising funds for vertical-axis turbine development

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