NTNU spin-out Chapdrive raises €10M for wind turbine technology

Funding

ChapDrive AS has secured additional funding of NOK 86 million (€10 million) for the commercialisation of its hydraulic transmission technology for 5 MW wind turbines.

The funding comes from new investors Viking Venture and Investinor with existing shareholders, NorthZone Ventures, Hafslund Venture and Energy Capital Management following on.

“The funding secures the next step towards commercialisation of the ChapDrive  technology for large wind turbine in the 5 MW class,” said Jens Anders Jensen, CEO of ChapDrive, based in Trondheim. “The current development is focusing on concept design of a 5 MW hydraulic transmission with Statoil and we expect the first prototype wind turbine with the 5 MW ChapDrive hydraulic transmission in 2012,  and commercial ramp up within 3 to 5 years.”

Jensen said the technology is particularly important for offshore windfarms. “With the ChapDrive technology we eliminate the mechanical gearbox and move the critical components from the top of the turbine, down to the foundation. The result is low top weight, improved reliability and simplified maintenance, which opens up new opportunities for reduced cost of energy both in the onshore and the offshore market”

ChapDrive was founded in December 2006, based on research from the Department of Energy and Process Engineering at the Norwegian University of Science and Technology (NTNU).