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North Energy has announced that Wind Catching Systems (WCS), the developer of floating offshore wind technology has completed a Series A investment round of up to USD 10 million led by the venture capital arm of an undisclosed global industrial company.
The proceeds from the Series A financing will be used to fund the development and commercialisation of the WCS technology. WCS has also signed a strategic partnership agreement with the aforementioned global industrial company for collaboration, covering technology development, project execution and policy advancement. The transaction values WCS at USD 30 million pre-money, corresponding to approximately USD 7 million for North Energy’s existing holding in the company. The company participated with USD 250 000 in the Series A investment round. Following the completion of the transaction North Energy will hold approximately 22% of the outstanding shares in WCS and approximately 18% on a fully diluted basis.
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