The purchasing of Exact Aircraft summer 2023 marks the third business acquisition after Kitemill secured all assets and IP from Scottish Kite Power System in 2020, before merging with the Dutch operation eKite the following year.

KitemillCEO Thomas Hårklau said AWE technology presents a unique opportunity to significantly impact the future energy transition by unlocking as yet untapped high-capacity wind energy up to half a mile above ground.

Studies have revealed that AWE could be delivered at half the cost of conventional wind turbines while generating three times the energy yield. At utility scale, the AWE market has potential to reach $100bn (€92.39bn) by 2035–40, according to arecent white paper by BVG Associates on behalf of Airborne Wind Europe.

New investor in crowdfunding campaign

Kitemill’s latest acquisition comes shortly after it attracted Norwegian utility firm VossEnergi as the lead investor for its new crowdfunding campaign. The fundinground will support the completion of Kitemill’s world-first AWE demonstration park, located in Norway, where it plans to deploy up to five 20kW prototype systems.

“This is another major milestone for Kitemill and an important development in our strategic growth plan,” said Mr Hårklau.

“Immense potential”

“AWE technology holds immense potential. However, in order to accelerate

commercialisation, and ensure the greatest advances in the least amount of time, we must unite with other world-class operators to pool knowledge, resources and assets. Exact Aircraft has an exceptional reputation in the kite building industry. The merger will enable us to deliver even greater value to our customersthrough more efficient operating methods, enhanced manufacturing capability, anexpanded product range and a more robust supply chain. It further demonstratesour commitment to innovation and firm ambition to push the boundaries at thevanguard of the AWE industry.”, underlines Mr.Hårklau.

Exact Aircraft will continue to operate as a subsidiary of Kitemill with all employments transferred to Kitemill, strengthening the collaboration between the two units. The acquisition includes Exact Aircraft’s business unit, suppliercontracts, tools, equipment and valuable intellectual property rights. Already incorporated within Kitemill, Exact Aircraft extends its expertise to the supply and assembly of Kitemill's KM1 kites.

“Highly advanced technology”

Exact Aircraft former owner Trond Hammerstad said: “It’s a tremendously exciting timeto be joining forces with Kitemill which has a number of key competitive advantages, including one of the most experienced and versatile teams in the AWE industry. Kitemill’s technology is also highly advanced, with

automated capabilities which are crucial for future commercial adoption. In addition, Kitemill has access to the world’s first formally approved test site for AWE, which will accelerate our learning trajectory.

We are now looking forward to combining respective expertise and resource to drive innovation, expand our reach, and deliver superior products to the market. ”Says Mr. Hammerstad.

New Flight record

Earlier in2023, Kitemill extended its flight endurance record - covering more than 500kmand five hours of continuous operation. It later surpassed 500 test flightswith its KM1 pilot system. The company’s technology has

alsosecured third-party verification from Everoze and DNV, with momentum beingmatched politically as Norway introduced airborne wind energy in the nationalenergy research strategy.

Kitemill'slast crowdfunding campaign closed in January 2023 and was oversubscribed by NOK1 million.

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