Wind Catching Systems completes Series A financing and enters into a strategic partnership agreement

Oslo, 10 June 2022 – North Energy ASA (North Energy) today 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.

 WCS is expected to publish a press release with further details next week.

For further information, please contact:

Rune Damm, CFO, (+47) 416 66 685, rune.damm@northenergy.no

 

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