Kitemill obtains funds to bring kite-like wind power tech to market

Norwegian airborne wind energy (AWE) developer Kitemill AS has raised EUR 2.5 million (USD 2.72m) in funding to advance the commercialisation of its kite-like wind power generator, the KM2, which is capable of generating an average power cycle of 100 kW.

The fresh capital was secured from the European Innovation Council (EIC) which selected Kitemill and 67 other contenders out of 1,000 applicants in the EIC Accelerator funding programme.

“This latest tranche will help de-risk a critical phase for the KM2, including demonstration of the system’s performance in an operational environment. It also serves an important function to boost customer and public trust,” Kitemill’s CEO Thomas Harklau noted.

The KM2 system consists of a kite connected with a tether to a ground station. It operates at high altitudes and can be installed almost anywhere.

According to the EIC Jury, the technology indeed “stands out in terms of efficiency, modest use of rare resources/materials, range of applicability, scalability, and technological maturity.”

The latest funds secured from the EIC build on two previous EU funding rounds totalling EUR 5.75 million.

Earlier this year, Kitemill closed a EUR-2-million fundraising transaction led by Expanding Dreams, the investment vehicle of the Polderman family from the Netherlands. Norwegian utility Voss Energi AS is also among Kitemill’s backers.

(EUR 1 = USD 1.089)

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