Published: 18 February 2021 18 February 2021
Vestas has invested in Swedish wood technology company Modvion. The investment sees Vestas becoming a minority investor in the bio-composite company, and marks the first official investment from newly established corporate venture capital arm, Vestas Ventures.
Modvion specialises in the development and manufacturing of wind turbine towers made from laminated veneer lumber (LVL), a bio-composite material sourced sustainably from a supplier network, and validated to uphold robust reforestation strategies. When compared directly with the value chain of a conventional steel tower, Modvion towers are expected to reduce carbon emissions by 80 percent for the wind turbine tower. The reduced weight of an LVL tower and lower CO2 intensity of the materials contribute to the overall reduction in CO2 emissions. Vestas will be leveraging its position as an investor to support Modvion’s scale-up strategy, with a long-term goal of integrating LVL towers into its design and manufacturing processes.