SWAY Raises Funds For Turbine Commercialization

NAW Staff, Wednesday 11 July 2007 - 01:00:00

Norway-headquartered floating wind turbine developer SWAY has concluded a private placement of 150 million krone. This placement provides the necessary financial platform for commercialization of the company's deepwater wind turbine technology designed to withstand the region's rough sea conditions, according to SWAY.

Statoil and Lyse were the major participants in the equity issue, while Scatec and Rosenberg Verft were significant participants in the placement. All four companies are based in Norway.

SWAY adds that building of full-scale pilots for testing will be central to the commercial development process, with the first pilot to be completed in 2010 and commercial delivery of the technology expected to begin in 2012.



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