SymbiaVC Invests in Modvion’s Sustainable Wooden Wind Turbine Towers
Exciting news from SymbiaVC’s portfolio company, Modvion! The innovative Swedish wood technology company has successfully raised 125 million SEK, or 11 million EUR, to expand its wooden wind turbine tower technology.
Modvion’s dedicated team has been working tirelessly to create a game-changing product that pushes the wind power industry’s sustainability approach even further.
At SymbiaVC, we are incredibly proud to be part of this investment, alongside Vestas Ventures, Almi Invest Greentech, and the European Commission’s EIC Fund. We believe in Modvion’s vision to create a more sustainable future through their patented technology that enables taller towers, increased electricity production, and radical CO2-emission reductions.
Wood is a renewable material that enables significant reductions in emissions, and Modvion’s use of Laminated Veneer Lumber (LVL) has a higher specific strength than steel, allowing for a lighter tower construction. This technology enables a 90% reduction in emissions when compared to conventional steel towers of the same height and load, making Modvion’s towers carbon negative since they bind more CO2 than they emit during manufacturing.
We can’t wait to see Modvion’s first commercial installation later this year for Varberg Energi, where the 2-megawatt wind turbine will stand at 150m total height, including the blades. We are excited to be part of their continuing success and to witness their plans to scale up production capacity and build one of the largest platforms used on land, a 6-megawatt wind turbine.
At SymbiaVC, we firmly believe in investing in innovation along the wood value chain, and Modvion’s success in the wind energy industry is a testament to the power of sustainable innovation. We are proud to be part of their journey and to support their vision for a more sustainable future.