US auto giant General Motors has committed to help scale up and roll out the novel floating offshore wind energy technology of Norway-based Wind Catching Systems, after its investment arm, GM Ventures, led an funding round for the start-up.
Wind Catching Systems, or WCS, said this week GM Ventures had led a Series A investment round of up to $US10 million to help fund the development and commercialisation of the unusual technology – essentially a massive, floating wall of wind turbines.
On top of the investment by GM Ventures, GM has entered into a strategic agreement with WCS for collaboration covering technology development, project execution, offshore wind policy, and the advancement of sustainable technology applications.
The WCS technology, pictured above and below, is in its very early days, but the company claims it has numerous advantages over conventional floating wind turbines, including being easier and less costly to install.
The technology also promises to have a significantly smaller footprint than a standard offshore wind farm, with the floating turbine walls expected to cut acreage use by more than 80 per cent.
WCS further claims that the technology can “deliver electricity at grid parity now,” can produce enough electricity to power 80,000 European households, per unit, and has a structural design life of 50 years.
Ole Heggheim, the CEO of WCS, says having GM as a strategic collaborator and GMV as investor will provide “additional long-term and competent capital” from a global leader in technology and industrialisation at an important time in the technology’s journey.
“Together with Ferd, North Energy and Havfonn, we have a strong investor base to support our ambition to have a commercial installation by 2027,” Heggheim said in a statement this week.
“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.”
Even putting aside the unique design of the Norwegian technology, the investment and collaboration from GM is an interesting move, particularly while the auto maker tips billions of dollars into EV technology to meet its goal of selling 1 million EVs a year in North America by 2025.
But GM’s chief sustainability officer, Kristen Siemen, says the investment by GM Ventures represents an opportunity to accelerate innovative technology to market, and drive a cleaner, more reliable, and resilient energy future.
“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,” Siemen said in a statement on Wednesday.
GM and WCS say they are committed to looking for areas of collaboration, including engineering and design processes and sustainable sourcing.
