Vestas, the global leader in sustainable energy solutions, is strengthening its collaboration with Swedish wood technology company Modvion through a recent directed share issue.
“Our collaboration with Modvion holds significant potential to help accelerate the energy transition and further increase sustainability within the wind energy industry. Modvion’s towers are lighter than traditional ones and have a modular product architecture which aligns well with Vestas’ strong focus on modularization. The construction facilitates transportation to logistically challenged places and allows for increased turbine hub heights, potentially contributing to a reduction in cost of energy,” said Bo Svoldgaard, Senior Vice President and Head of Innovation and Concepts at Vestas.
The corporate venture capital arm of Vestas, Vestas Ventures, have made a new investment in Modvion through a recent directed share issue to strengthen its engagement and support to Modvion. Vestas Ventures made its first investment in Modvion in February 2021. Vestas Ventures invests in startup companies with the aim to challenge industry standards and accelerate Vestas’ journeytowards becoming the global leader in sustainable energy solutions.
Modvion’s wooden towers radically reduce emissions from wind turbine tower manufacturing operations. The modular design also enables higher towers to be built at a lower cost. The carbon dioxide absorbed by the trees during their growth period remains stored in the wooden tower, enabling climate neutral wind energy.
”We are excited for the opportunity to support the world’s leading wind turbine manufacturer in reaching its ambitious sustainability targets and offering their customers even more climate-smart wind energy. To tackle the climate crisis, we need more renewable energy and increased use of sustainable, wooden constructions, and Modvion’s technology enables both,“ said Otto Lundman, CEO of Modvion AB.
Vestas has expressed interest in exploring the use of Modvion’s technology in its product line as part of its efforts to support customers in delivering more sustainable energy solutions. Vestas’ new investment will support Modvion’s rapid production scale-up, with a long-term goal of integrating wooden towers in Vestas’ offerings to accelerate market adoption.
Modvion has an ongoing collaboration with global energy company Enel Green Power and has signed letters of intent for wind turbine towers with international power company Vattenfall, as well as with Rabbalshede Kraft and Varberg Energi. In April 2020, Modvion’s first wooden tower was erected outside Gothenburg, together with Chalmers University of Technology and the Swedish Wind Power Technology Centre, a 30-meter-tall research tower.
For more information, please contact:
Otto Lundman, CEO, Modvion AB, +46702-72 06 24, otto@modvion.com
Manita Dosanjh, Vestas Communications Specialist, +45 266 92958, MTKDO@vestas.com
Press photographs of Modvion and Otto Lundman are available here.
Video and images of the raising of Modvion’s first wooden tower on Björkö, Gothenburg, can be downloaded here.
Facts on wooden wind turbine towers:
- Wooden towers are built in modules and assembled on site.
- The modular concept enables higher towers to be built while still using normal roads fortransportation.
- By weight, the wooden construction is stronger than steel.
- The carbon dioxide absorbed by the trees during their growth period remains stored in the wooden tower making it a carbon dioxide sink.
- In April 2020, Modvion erected the first wooden tower on Björkö outside Gothenburg, which is 30 metres tall. In 2022, the first commercial tower will be built.
- For questions and answers about wooden wind turbine towers, please see this FAQ.
About Vestas
Vestas is the energy industry’s global partner on sustainable energy solutions. We design, manufacture, install, and service onshore and offshore wind turbines across the globe, and with more than 136 GW of wind turbines in 84 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled more than 117 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best- in-class wind power solutions. Together with our customers, Vestas’ more than 29,000 employees are bringing the world sustainable energy solutions to power a bright future.
About Modvion
Swedish wood technology company Modvion develops demanding designs made of laminated wood, nature’s carbon fibre, for large-scale applications. Wooden designs enable radical reductions in emissions by replacing emission-heavy material such as steel and concrete. Thanks to their patented module system, Modvion has been able to develop wind towers at decreased manufacturing costs and more efficient transportation for installations of tall towers.
