ChapDrive AS, a Norway-based developer of hydraulic transmission systems for wind turbines, has raised €11 million in new VC funding. Viking Venture and Investinor were joined by return backers NorthZone Ventures, Hafslund Venture and Energy Capital Management (Statoil Venture).
ChapDrive AS has secured additional funding of NOK 86 million (€11m) to commercialize the technology for 5 MW wind turbines with hydraulic transmission. ChapDrive will deliver the hydraulic transmissions to wind turbine suppliers.
The funding is secured through an agreement with the new investors Viking Venture and Investinor and existing shareholders NorthZone Ventures, Hafslund Venture and Energy Capital Management (Statoil Venture).
”The funding secures the next step towards commercialization of the ChapDrive technology for large wind turbine in the 5 MW class.” says Jens Anders Jensen, CEO of ChapDrive AS and continues ”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.”
The new investors Viking Venture and Investinor contribute together with the existing shareholders to continue the positive development in ChapDrive towards commercialization of a game-changing technology for the wind power market. The wind power market has seen a substantial growth in the last years and the addressable market for the ChapDrive technology is in excess of 150 billion NOK annually.
”ChapDrive has developed a hydraulic transmission to enable multi MW wind turbines with low top weight. This is especially important in large offshore wind parks” says Jens Anders Jensen, and concludes ”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 open up new opportunities for reduced cost of energy both in the onshore and the offshore market”
”The wind power market is under significant change and ChapDrive has a technology that solves some of the main challenges for the wind industry ”, says Jostein Vik, Viking Venture. Steinar Fossen from Investinor continues We fully support ChapDrive’s ambition to position the company as a strong and attractive Norwegian supplier to the international wind power market”
ChapDrive is located in Trondheim, Norway and 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). The company develops a patented system for hydraulic transmission in wind turbines.