SeaTwirl SEK 64.5m Rights Issue | Q4 2022

About SeaTwirl

SeaTwirl is a Swedish energy tech company in wind power with the vision to become global leader in floating offshore wind farms. SeaTwirl's unique floating vertical-axis wind turbine is simple and robust with few moving parts. This suits the conditions at sea and minimizes the need for maintenance, which leads to less downtime and more operating hours. These are key requirements for reducing the costs associated with the production of energy. On the back of the successfully installed 30 kW prototype, S1, which has been operating efficiently since 2015, SeaTwirl is focusing on the development of SX, the next generation floating wind turbine with +10MW turbine power. In parallel with the development of SX, the company intends to continue improving efficiency and production of the S2x wind turbine in Norway.

Press release (in Swedish)

The case

• Wind power is one of the fastest-growing renewable energy technologies and the second largest form of power generation capacity in Europe. Currently, 90% of wind energy is produced inland. Deep (>60m) offshore areas represent 60-80% of the European offshore wind potential, representing a great opportunity for floating offshore wind.


• SeaTwirl’s unique design of vertical axis wind turbines (“VAWTs”) scales better than traditional horizontal axis wind turbines (“HAWTs”), meeting the requirements of future large-scale floating windfarms where the volumes of turbines will be installed.


• Studies show that wind farms could perform more efficiently by substituting traditional HAWT designs for VAWTs. When VAWTs are arranged in grid formation, performance increases by up to 15%. VAWTs can be installed closer to each other, resulting in higher energy production per square kilometer.


• To meet future demand and fast track commercialization, SeaTwirl is working on the design of the next generation floating VAWT with +10 MW turbine power, meeting the demand of numerous commercial customer applications. In parallel, SeaTwirl is focusing on further efficiency improvement and production of the S2x wind turbine in Norway.

SeaTwirl's website