Sway AS, a Norwegian developer of floating foundations for offshore wind turbines, has decided to spin off an independent business to prototype and commercialize a new super-sized wind turbine.
Since 2005, the company has been developing a 10-megawatt (MW) turbine in addition to its work on floating foundations. The new turbine is designed for fixed, as well as floating, offshore wind foundations.
Sway founder Eystein Borgen will be appointed CEO of the new Sway Turbine, while Michal Forland will replace Borgen as CEO of Sway. Sway will continue working solely on floating foundations.
"Splitting the business into two companies will also open up opportunities for investors who do not wish to commit themselves to both technologies. In addition the spin?off will strengthen the focus on both technologies," says Eystein Borgen.
In February 2010, Enova, a Norwegian state-owned fund, committed NOK 137 million (EUR 17 million) to the construction of the test turbine. Sway Turbine says it is currently in a process to raise NOK 150 million in new equity from both new and existing owners.
Several wind turbine developers are working on 10-MW designs for offshore deployment. These turbines will be roughly twice as large as the largest turbines currently being made.
Clipper wind (CWP.L) is developing the 10-MW Bitannia Project. American Superconductor Corporation (NASDAQ: AMSC) is working with the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) to validate its designs for a 10-MW wind turbine.
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