Sweden-based Modvion, a company developing modular designs in renewable engineered wood to simplify and improve construction logistics, announced that it has raised approximately €10.98M in funding.
The investment came from global wind turbine manufacturer Vestas, Almi Invest Greentech, the European Commission’s EIC Fund, Course Corrected VC, and Symbia VC, an Austrian corporate VC fund focused on innovation along the wood value chain.
Founded in 2015 by Otto Lundman and David Olivegren, Modvion is accelerating the shift to sustainable energy and materials by building wind turbine towers out of laminated wood -nature’s own carbon fiber – for large-scale applications.
According to Modvion, the use of wood in place of material that produces a lot of emissions, such as steel and concrete, allows for drastic reductions in emissions.
The company has created wind towers that can achieve the heights the wind power industry is aiming for while being cost-effective, thanks to its modular technology.
The modules are made using an engineered wood product called Laminate Veneer Lumber (LVL), which has a higher specific strength than steel, allowing for lighter tower construction.
Without the need for extensive permitting processes or road closures, the modules can be quickly packed on trucks and carried on public highways.
The Gothenburg-based company says it will use the funds to take its wooden wind turbine towers to the market.
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