Wednesday, 28 January 2015
Last updated 5 hours ago
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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…