Update: SeaTwirl Partners with Colruyt and NorSea

SeaTwirl, Colruyt Group, and NorSea Group have signed a Letter of Intent to collaborate on financing, developing and installing the SeaTwirl S2-1MW floating wind turbine.

The Swedish company has agreed with both Colruyt Group and NorSea Group on their intentions to commit to the financing, development, and installation of the SeaTwirl S2-1MW, the second scale-up of SeaTwirl’s floating offshore wind turbine. The scope of the planned investment is a total of SEK 70 million (EUR 6.7 million), provided milestones are met.

When the milestones are met, the new owners will each own approximately 19% of the company.

“Having NorSea Group and Colruyt Group/Parkwind as partners would enable to take SeaTwirl to a whole new level with the respective companies’ expertise in offshore operations and the establishment of offshore wind farms,” said SeaTwirl’s chairman Roger Cederberg.

The Letter of Intent is outlining the key terms and conditions of the contemplated partnership and capital increase, subject to confirmatory due diligence proceedings, with both new partners – NorSea Group from Norway and Colruyt Group from Belgium. NorSea Group has extensive experience in offshore and marine operations and contributes to the development, service, and installation at sea, SeaTwirl said. Colruyt Group, via its subsidiary Parkwind, develops, builds and operates offshore wind farms in Europe.

“NorSea Group, together with our owner, the leading global maritime group Wilhelmsen, wants to contribute with experience and resources into the green and renewable sector. We recognize that the industry will need to move further offshore into water depths where fixed-foundation turbines are not feasible and at the same time improve the cost for the total supply chain for floating solutions. The vertical, less complex and anchored SeaTwirl design has the potential to improve the whole supply chain. NorSea Group is excited to join SeaTwirl and Colruyt Group in further technical-, concept development and testing of the SeaTwirl Pilot,” said John Stangeland, CEO of NorSea Group AS.

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.