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.