11 February 2009

NTNU spin-out secures €6M funding for wind turbine transmissions

Science|Business

R&D agreement | Funding round completed

ChapDrive AS, spun out in 2006 from the Norwegian University of Science and Technology (NTNU) has secured additional funding of NOK 52 million (€6 million) to develop a 5 MW hydraulic transmission for wind turbines.

The funding was secured on the back of an R&D agreement between the company, StatoilHydro and Innovation Norway. The finance package includes an equity investment from existing shareholders NorthZone Ventures, Hafslund Venture and Energy Capital Management of NOK 18 million. StatoilHydro contributed NOK 15.6 million from its LOOP Industrial Supplier Development programme, and Innovation Norway NOK 18 million.

“This...

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