Statoil to invest 75 mln nkr in Norwegian deep water wind turbine company Sway (FORBES magazine)
11. July 2007
Statoil to invest 75 mln nkr in Norwegian deep water wind turbine company Sway -
OSLO (Thomson Financial) - Statoil ASA said it is to invest 75 mln nkr in Norwegian deep water wind turbine company Sway.
According to Statoil (nyse: STO - news - people ), Sway has 'developed promising solutions for floating wind turbines in deep water'.
The Statoil investment is part of a 150 mln nkr fund raising by Sway, with Norwegian firms Scatec and Lyse also brought on board as new owners.
No details were given on Sway's ownership structure following the fund raising, but Statoil said its investment is being made 'on the proviso that Sway is able to meet agreed target milestones'.
The first full-scale wind turbine is expected to be completed and installed between 2010 and 2012.
In addition to the Sway investment, Statoil said it has acquired a 14 pct interest in Trondheim-based ChapDrive, a technology company that has developed a patented system for hydraulic power transfer for wind and tidal turbines.
View news article here