Norwegian Wind-Turbine Transmission Maker Raises $7.6M

Feb 13 2009 | 10:57am ET

ChapDrive, a Norwegian developer of hydraulic transmissions for wind turbines, has raised NOK 52 million ($7.6 million) in new VC funding.

The funding is secured through an industrial research and development agreement (IFU) between StatoilHydro, ChapDrive and Innovation Norway. The finance package includes an equity investment from the existing shareholders NorthZone Ventures, Hafslund Venture and Energy Capital Management of NOK 18 million ($2.6 million).

StatoilHydro contributes NOK 15.6 million ($2.3 million) from their LOOP Industrial Supplier Development program, and Innovation Norway grants NOK 18 million ($2.6 million).

The funding will finance development of a 5MW hydraulic transmission for wind turbines.

The Trondheim-based company’s hydraulic transmissions allow for lighter weight and more cost efficient wind turbines by reducing the weight of the nacelle (cover housing), simplifying installation and reducing operating and maintenance costs.


In Depth

'Smart Beta' Funds In Regulators' Sights, Hedgies May Be Next

Mar 26 2015 | 11:11am ET

Funds that mimic strategies used by active managers for a fraction of the cost could...

Lifestyle

Study: Both Marriage and Divorce Lead to Negative Hedge Fund Performance

Mar 25 2015 | 6:51pm ET

Trouble at home leads to trouble in the market for fund managers, according to researchers...

Guest Contributor

The Life Settlement: Yield For The Investor And Cash For The Consumer

Mar 31 2015 | 6:48am ET

Investors are languishing in a yield-starved, low-interest rate environment, looking...

 

Sponsored Content

    Mar 9 2015 | 6:35am ET

    Kelly RodriquesKelly RodriquesAs more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…

Editor's Note