North Energy Participates in Funding Round for Offshore Wind Technology Developer

North Energy ASA (North Energy) announces that Wind Catching Systems AS (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 commercialization 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.