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Viking, Investinor lead €11m investment in Norwegian wind turbine company Viking, Investinor lead €11m investment in Norwegian wind turbine company

13 Apr 2010. Source: AltAssets
Early stage investors Viking Venture and Investinor have led an €11m funding round for ChapDrive, a Norwegian producer of hydraulic transmissions for wind turbines.

Also joining the round were existing shareholders NorthZone Ventures, Hafslund Venture and Energy Capital Management.

ChapDrive said the market for its technology, developed in conjunction with oil major Statoil, is in excess of NOK150bn (€18.7bn) annually.

Jostein Vik of Viking said, “The wind power market is under significant change and ChapDrive has a technology that solves some of the main challenges for the wind industry.”

Jens Anders Jensen, CEO of ChapDrive, said the funding is expected to move the company closer towards the commercialisation of technology for large wind turbine in the 5MW class.

He said, “The current development is focusing on concept design of a 5MW hydraulic transmission with Statoil and we expect the first prototype wind turbine with the 5MW ChapDrive hydraulic transmission in 2012 and commercial ramp-up within three to five years.”

ChapDrive was established in 2006, based on research from the department of energy and process engineering at the Norwegian University of Science and Technology, and has developed a patented system for hydraulic transmission in wind turbines.

Copyright © 2010 AltAssets

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