Nasdaq has announced that the trading in SeaTwirl AB’s shares (STW) commenced today, 22 December, on Nasdaq First North in Stockholm.
Founded in 2012, SeaTwirl is a company developing a floating offshore wind turbine customized for the ocean.
By using a vertical axis wind turbine, SeaTwirl’s technology can generate electricity regardless of the wind’s direction and by floating it is not limited to shallow waters.
SeaTwirl is headquartered in Gothenburg, Sweden, and has its test site in Lysekil on the Swedish west coast.
“We are very pleased to have been fully subscribed and we look forward to an exciting future where we will develop a full-scale SeaTwirl unit,” said Gabriel Strängberg, CEO of SeaTwirl.
“The market for offshore wind energy is a very large and rapidly growing market, where no floating wind turbines have been commercialized yet. SeaTwirl will deliver a competitive solution for sustainable power generation which makes us believe in a positive future for our company. The listing on Nasdaq First North Stockholm is a natural step for us to invite people to take part in this journey.”
SeaTwirl AB has appointed Mangold Fondkommission AB as the Certified Adviser.
Back in November, SeaTwirl applied for listing on Nasdaq First North. The company said it intends to place 600,000 shares, valued at SEK 40 (EUR 4.1) each, to raise money for the development of a full-scale unit of its floating wind turbine.
SeaTwirl launched and installed its 30kW SeaTwirl S1 prototype turbine at the Lysekil test site in 2015. The device had endured all weather conditions including heavy storms, and the company is now in the process of developing a full-scale unit – SeaTwirl S2 – a 1MW turbine planned to be completed by 2020.
To finance the next 18 months of developing SeaTwirl S2, the company decided to issue new shares and raise capital which will be used for: calculations, simulations and construction of the entire SeaTwirl S2 wind turbine; obtaining a test site with all necessary permits; developing a methodology for the launch of the wind turbine; and completing applications for government and EU authorities.
The total cumulative capital needed until the SeaTwirl S2 is developed and launched is estimated at about SEK 70 million (EUR 7.2 million), with the largest part of the capital to be used for manufacturing and ordering various components of SeaTwirl S2. Further funds are expected to be obtained from grants, additional capital raising and partners.