Vestas Ventures invests in wood technology company Modvion
Leading global wind turbine manufacturer Vestas Wind Systems invests in Swedish wood technology company Modvion. The intention is to accelerate market adoption and scale-up the production of wooden wind turbine towers. Vestas is interested in using the wooden towers in its product line as part of a more sustainable product offering for customers.
Modvion’s wooden towers, which by weight are stronger than steel, radically reduce emissions from manufacturing wind power towers. Modvion’s modular tower design also enables higher towers at a lower cost.
“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,“ says Otto Lundman, CEO of Modvion AB.
Supports rapid scale-up
In connection to the investment, 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’ 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 will shortly start commercial production while simultaneously planning for its first volume production unit.
“Our collaboration with Modvion holds significant potential to help accelerate the energy transition and increase Vestas’ sustainability performance. The reduced weight of Modvion’s towers, in combination with their ability to align with Vestas’ modular product architecture, could allow for increased ease of transportation in logistically challenged markets. Furthermore, the tower design could allow for Vestas to increase turbine hub heights, contributing to a reduction in cost of energy. Overall, there is potential to become less reliant on steel prices, which would support Vestas’ ongoing growth journey,” says Bo Svoldgaard, Senior Vice President and Head of Innovation and Concepts at Vestas.
Modvion is a member of Paper Province and when the company was young it received funding and support from the cluster in order to establish their innovative idea of wooden wind turbines.