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

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Future of Private Equity: New Opportunities, New Challenges

Feb 3 2017 | 6:41pm ET

The private equity industry’s astonishing rebound since the financial crisis has...

 

From the current issue of