On 10th July Statoil signed an agreement giving the company considerable interests in technology company Sway, that has developed solutions for floating wind turbines in deep water.

Sway will begin engineering of a sea wind turbine pilot as early as this autumn. (Illustration: Sway) Through the issuing of shares, the technology company has brought Statoil, Scatec, Lyse and Rosenberg on board as new, long-term owners. The equity dilution is worth NOK 150 million (approximately € 19 million) with Statoil promising NOK 75 million (approximately € 9.5 million) on the proviso that Sway is able to meet agreed target milestones. The first full-scale wind turbine is expected to be completed and installed between 2010 and 2012.

In addition to share interests in Sway, Statoil acquired a 14% interest in ChapDrive on 27 June, a technology company that has developed a patented system for hydraulic power transfer for wind and tidal turbines. ChapDrive has its origins from the Norwegian University of Science and Technology (NTNU) in Trondheim. The investments in Sway and ChapDrive are Statoil's first direct investment relating to the further development of wind power technology.