ImpactAlpha, February 22 — Vestas, a Danish manufacturer, seller and installer of wind turbines, recently launched a corporate venture capital arm to invest in renewable energy companies.
Vestas Ventures has made its first investment in Modvion, a Swedish wood technology company using laminated wood to make wind turbine towers. “To tackle the climate crisis, we need more renewable energy and increased use of sustainable, wooden constructions, and Modvion’s technology enables both,” said CEO Otto Lundman.
Modvion says its wooden wind turbine towers, rather than being made of steel, are carbon negative and have more wind power — and they’re also easier to transport and mount, and are more cost efficient.
Vestas, which is aiming to reduce carbon emissions from its supply chain, will help Modvion scale its platform and eventually integrate the company’s designs into its own to compete in the renewable energy market. Vestas did not disclose the size of the investment.