Kitemill is thrilled to announce the receipt of €2.5 million from the European Innovation Council (EIC) to fast-track the commercialization of our Airborne Wind Energy (AWE) technology.
Kitemill is thrilled to announce the receipt of €2.5 million from the European Innovation Council (EIC) to fast-track the commercialization of our Airborne Wind Energy (AWE) technology.
Out of nearly 1000 applicants, Kitemill was one of the 68 companies to receive the prestigious EIC Accelerator grant and the sole Norwegian company to secure this support. This funding follows previous EU investments in Kitemill, including €3.35 million and €2.4 million in 2019 and 2022, respectively. Moreover, we have also secured a grant from the European Innovation Fund to demonstrate 12 systems of the KM2 model under the Norse Airborne Wind Energy Project. This latest grant was crucial in enabling us to realize this project.
In addition, this funding makes Kitemill eligible for the EU’s ‘Blended Finance’ program, potentially matching up to €8 million of private investment. This opportunity provides a significant boost for scaling our operations more rapidly.
Our CEO, Thomas Hårklau, commented, “Our technology has now been accepted and approved by the EU through three separate funding rounds. This tranche will help de-risk a critical phase for the KM2 and boost customer and public trust.”
The EIC’s decision to support Kitemill underscores the EU's commitment to innovative and sustainable energy solutions that align with the European Green Deal and the Net Zero Industry Act (NZIA). By investing in groundbreaking technologies like Kitemill’s, the EU aims to reduce dependency on traditional energy sources, lower carbon emissions, and promote energy security across Europe. The KM2 system's benefits, such as lower capital and operational expenses, reduced raw material usage, and minimal environmental impact, make it an ideal candidate for contributing to these ambitious goals.
The EU’s Green Deal aims to achieve an annual production capacity of 36 GW of wind power and 30 GW of solar power, a target currently dominated by imports mainly from China. Mr. Hårklau highlighted, “The wind and solar industries use 5 to 10 times more materials than airborne wind energy power, and this is before considering the material needs for necessary storage to handle the variability in production from these sources, especially solar power. It will be extremely challenging for the EU and its member states to reach these ambitions with conventional wind and solar power. Airborne wind energy will be far more scalable due to lower material consumption and opens up new and better wind resources, leading to higher availability and reduced storage needs. This represents an opportunity for Europe to secure industrial leadership in renewable energy.”
This news marks another step forward in our mission to accelerate the transition to a zero-emission energy sector and contribute significantly to global climate goals.
Kitemill, one of the finalists for the EUSEW Innovation Award, attends the EU Sustainable Energy Week (EUSEW) in Brussels. The image captures EU Commissioner for Energy Kadri Simson speaking on stage. The event followed a day after Kitemill's interview with experts, highlighting their innovative solutions in sustainable energy.
Read the full press release here.
For more information, contact us at +47 468 37 117 or info@kitemill.com
