NTNU spin-out secures €6M funding for wind turbine transmissions

R&D agreement | Funding round completed

ChapDrive AS, spun out in 2006 from the Norwegian University of Science and Technology (NTNU) has secured additional funding of NOK 52 million (€6 million) to develop a 5 MW hydraulic transmission for wind turbines.

The funding was secured on the back of an R&D agreement between the company, StatoilHydro and Innovation Norway. The finance package includes an equity investment from  existing shareholders NorthZone Ventures, Hafslund Venture and Energy Capital Management of NOK 18 million. StatoilHydro contributed NOK 15.6 million from its LOOP Industrial Supplier Development programme, and Innovation Norway NOK 18 million.

“This finance package secures the first phase of the development of a 5 MW ChapDrive hydraulic transmission for wind turbines expected on the market in 3 to 5 years,” says Jens Anders Jensen, CEO of ChapDrive AS. “The cooperation with StatoilHydro provides us with access to valuable new industrial networks and development resources from a potential future end-user of our technology. The StatoilHydro LOOP programme and the [R&D] agreement with Innovation Norway facilitate a capital-intensive technology development which would be difficult to finance with equity alone.”

“The ChapDrive technology represents a potential step change in wind technology. Reducing the top weight of the wind turbine is one of the critical issues when it comes to succeeding with floating wind turbines. The StatoilHydro LOOP programme is designed to support upcoming technologies with game changing potential,” says Brage Wårheim Johansen, Head of New Technology Capture in StatoilHydro.

“Renewable energy and environmental technology is a target area in Innovation Norway and offshore wind power plays an important part in that area. ChapDrive has an exciting technology which can give a break-through in development of offshore wind power, so we believe in this project,” says Vigdis Harsvik, executive director at Innovation Norway in the district of Sør-Trøndelag.