Wind Catching Systems secures support from General Motors

Wind Catching Systems AS (WCS) has announced that General Motors (GM) will help fund the development of its floating wind technology and that the two companies have formed a strategic agreement.

GM Ventures, the venture capital arm of General Motors, will lead a Series A investment round of up to €10 million to help fund the development and commercialisation of the multi turbine floating wind solution. WCS and GM have also entered into a strategic agreement for collaboration covering technology development, project execution, offshore wind policy, and the advancement of sustainable technology applications.

“WCS is proud to announce GM as a strategic collaborator and GMV as investor for the next stage of our technology development and commercialization journey, providing additional long-term and competent capital from a global leader in technology and transportation industrialization. Together with Ferd, North Energy and Havfonn, we have a strong investor base to support our ambition to have a commercial installation by 2027. The Wind Catching technology has significant competitive benefits compared to conventional floating offshore wind technologies and we see great opportunities for deployment at the Utsira site in Norway and at other locations worldwide,”
said Ole Heggheim, CEO of Wind Catching Systems.

In addition to GMV, current investors Ferd AS and North Energy ASA has participated in the round. New investors include the Bergesen family through Havfonn AS.

Wind Catching Systems is developing floating multiturbine parks consisting of a large number of 1 MW turbines, assembled in a large sail. The solution aims to cuts land use by more than 80% and increases efficiency, compared to conventional floating offshore wind farms.

The project partners claim that one Wind Catching sail is five times as efficient as a conventional offshore wind turbine and can produce energy for 80,000 households.

“As GM continues to move towards an all-electric future, it’s critical that we simultaneously drive the transition of the grid to low-carbon energy sources,”
said Kristen Siemen, GM’s Chief Sustainability Officer. “GM Ventures’ investment in offshore wind with Wind Catching Systems represents an opportunity to accelerate innovative technology to market, advancing a cleaner, more reliable, and resilient energy future.”

“We are pleased to see that Wind Catching Systems has attracted such high-quality investors as GM Ventures and Havfonn. We look forward to further developing the company towards worldwide commercialization,”
said Erik Bjørstad, member of the Board of Directors and Investment Director at Ferd.