Funding from the European Innovation Council’s SME instrument

SeaTwirl has received €2.48 million from the European Innovation Council’s SME instrument.

“The SME instrument offers Europe’s brightest and boldest entrepreneurs the chance to step forward and request funding for breakthrough ideas with the potential to create entirely new markets or revolutionise existing ones.”

The company was selected from more than 2000 applicants, after an in-depth due diligence process by industry experts and a jury of investors, entrepreneurs and venture capitalists.

The grant will help fund the development and commercialisation of our innovative, floating “SeaTwirl S2” wind turbine; a full-scale, 1-MW, Vertical Axis Wind Turbine (VAWT) ready for installation in 2022.

S2 is a 1MW floating offshore VAWT with the potential to save up to 4,117 Tonnes of CO2 per turbine and year. SeaTwirl’s obtainable target market is approximately 3,000 turbines with a sales revenue of €2.8 Billion.

SeaTwirl aims at deploying 1 MW turbines (S2) for customers such as islands and remote coastal areas, fish farms and oil & gas rigs. The grant will be used to demonstrate SeaTwirl’s technology on a larger scale and will act as a stepping-stone for a 10 MW plant.

S2 will allow us to pin down our design and create a first commercial product. The project will also encompass obtaining the TÜV SÜD Certification mark or equivalent – a globally recognised mark of trust and quality, which is key in achieving bankability.