Vestas Ventures Invests in Modvion, a Swedish Wood Technology Start-up

Vestas Ventures - the newly established corporate venture capital arm of Vestas, has formally announced its decision to invest in the Swedish wood technology company Modvion, in a move towards creating fully sustainable products and solutions.

February 18, 2021. By News Bureau

Tags:

Vestas Ventures - the newly established corporate venture capital arm of Vestas, has formally announced its decision to invest in the Swedish wood technology company Modvion, in a move towards creating fully sustainable products and solutions.

Now, Vestas becomes a minority investor in Modvion and marks the first official investment from Vestas Ventures.

Speaking on the investment, Bo Svoldgaard, Senior Vice President and Head of Innovation and Concepts at Vestas, said “Vestas Ventures was established to nurture innovation that can help accelerate the energy transition, and our collaboration with Modvion has the potential to support this journey. The modular nature of Modvion’s design approach and the possibilities for increased hub heights could contribute to a reduction in the cost of energy for Vestas customers, along with increased ease of transportation in logistically challenged markets. Introducing an LVL tower variant could lead Vestas to become less reliant on steel prices, supporting our ongoing growth journey.”

Modvion specializes in the development and manufacture of wind turbine towers made from Laminated Veneer Lumber (LVL), a bio-composite material. These towers are expected to reduce carbon emissions by 80 percent as compared to conventional steel towers.

Commenting on the partnership, Otto Lundman, CEO of Modvion AB said, “we are excited to have Vestas onboard and for the chance to support the world’s leading wind turbine manufacturer in reaching its ambitious sustainability targets. To tackle the climate crisis, we need more renewable energy and increased use of sustainable, wooden constructions, and Modvion's technology enables both.”

“Our collaboration with Modvion signals a strong benchmark for the way we intend to nurture supplier relationships going forward,” said Lisa Ekstrand, Senior Director and Head of Sustainability at Vestas.

Please share! Email Buffer Digg Facebook Google LinkedIn Pinterest Reddit Twitter
If you want to cooperate with us and would like to reuse some of our content,
please contact: contact@energetica-india.net.
 
 
 
Next events

 

Last interview
 
 
Privacy Policy (PDF) / Terms and conditions (PDF)
 Energetica India is a publication from Editorial Omnimedia. No reproduction in whole or part of content posted on this website.