Vestas, a company that designs, manufactures, installs and services onshore and offshore wind turbines, says it is investing in Modvion, a Swedish wood technology company.
Vestas says the investment is intended to accelerate market adoption and scale-up the production of wooden wind turbine towers. The company is interested in using the wooden towers in its product line as part of a more sustainable product offering for customers.
“Our collaboration with Modvion holds significant potential to help accelerate the energy transition and increase Vestas’ sustainability performance,” says Bo Svoldgaard, senior vice president and head of innovation and concepts at Vestas. “The reduced weight of Modvion’s towers, in combination with their ability to align with Vestas’ modular product architecture, could allow for increased ease of transportation in logistically challenged markets. Furthermore, the tower design could allow for Vestas to increase turbine hub heights, contributing to a reduction in the cost of energy.”
In November 2020, Vestas launched Vestas Ventures with a vision to accelerate the deployment of sustainable energy, the electrification of societies and unlock new growth opportunities through relevant investment programs. Modvion’s wooden towers, which by weight are stronger than steel, reduce emissions from manufacturing wind turbine towers. Modvion’s modular tower design also enables higher towers at a lower cost.
In connection to the investment, Vestas has expressed interest in exploring the use of Modvion’s technology in its product line as part of its efforts to support customers in delivering more sustainable energy solutions. Vestas’ investment will support Modvion’s production scale-up – with a long-term goal of integrating wooden towers in Vestas’ offerings to accelerate market adoption.
Modvion will shortly start commercial production while simultaneously planning for its first volume production unit.
For more information on Modvion’s wooden wind turbine towers, click here.
Great move by Vestas.