Norwegian turbine spin-off secures additional NOK 30M from its investors

Funding round completed

ChapDrive, the Norwegian company that has developed a patented system for hydraulic transmission in wind turbines, has completed an additional share issue of NOK 30M (around €3.75M) with its existing investors, NorthZone Ventures, Hafslund Ventures and Statoil New Energy.

The company, a spin-off from the Department of Energy and Process Engineering at the Norwegian University of Science and Technology (NTNU), was founded in December 2006.

The Trondheim-based company has recently completed a successful field-test of a 225 kW prototype wind turbine. The finance secured through this share issue, along with NOK 5.4M from ENOVA (a public enterprise owned by the Royal Norwegian Ministry of Petroleum and Energy), will be used for a 900 kW pilot installation.

ChapDrive has also appointed a new CEO, Jens Anders Jensen. A former member of the board of management at Danish company Vestas Wind Systems A/S, the world’s largest manufacturer of wind turbines, Jensen has also been chairman of the board of the Danish Wind Industry Association.

In his role as an independent investment professional, Jensen has worked with capital and pension funds seeking investment opportunities in the renewable energy sector, particularly in projects relating to wind and wave power. Åsmund Furuseth, former CEO of ChapDrive, will take the role of Vice President of Market and Business Development.