SeaTwirl Bags EUR 2.5 Million EU Grant
- Business & Finance
SeaTwirl has secured a EUR 2.48 million grant from the European Commission for its SeaTwirl S2 floating wind turbine.
SeaTwirl is receiving the grant for the 1MW full-scale floating wind turbine as part of the European Innovation Council’s SME Instrument program.
The grant will be used for the final phase of the S2 project and primarily for the detailed design, project management, marketing and commercialization of the turbine, the Swedish company said.
In addition, SeaTwirl said it has the opportunity to benefit from EU services in business coaching and business acceleration within the program.
“It feels great and it gives us a good recognition from the EU that the potential of our technology is very large. The SeaTwirl team has done a great job!” said Gabriel Strängberg, CEO of SeaTwirl.
SeaTwirl is a floating vertical axis wind turbine (VAWTT) with a tower placed on an underwater structure, which consists of a buoyancy component and a keel at its lowest point.
A 30kW S1 prototype turbine was launched and installed at the Lysekil test site in Sweden in 2015. SeaTwirl 2, the full-scale turbine, is planned to be completed by 2020.