Aikido Nets USD 4 Million to Advance Floating Wind Tech

Business & Finance

June 21, 2024, by Adnan Memija

California-based floating wind technology developer, Aikido Technologies, has secured USD 4 million (approximately EUR 3.7 million) in seed funding to advance its platform technology and establish pilot projects.

The financing was led by Azolla Ventures with participation from Propeller Ventures, Sabanci Climate Ventures, Cisco Foundation, Anthropocene Ventures, and others.

Aikido said that it will use this capital to advance its technology for offshore deployment, build its team, and develop a commercial pipeline.

“Floating wind must become commercialized by the end of the decade so that we can meet decarbonization targets set by pioneering offshore wind countries, including the U.S., U.K., and others in Europe and Asia. We believe that our technology suite represents a step change in reducing costs, simplifying logistics and increasing throughput of floating wind systems,” said Sam Kanner, CEO of Aikido Technologies.

The core of the company’s technology is a platform for floating offshore wind turbines that is said to slash project costs and enable floating offshore wind projects to become economic.

The company is currently supported by Breakthrough Energy Fellows, which is funding Aikido’s first pilot deployment, the Aikido One.

In April this year, the Californian floating wind technology developer awarded a contract for the fabrication of a 1:4 scale, 100 kW floating wind platform to Chet Morrison Contractors, a Louisiana-based energy services company.

Morrison will construct the platform at its facility in Harvey, Louisiana, with the work planned to take place during the second and third quarter of this year, after which Aikido will begin a test programme.