GM invests in offshore wind startup
- Ben Geman, author of Axios Generate
Image courtesy of Wind Catch Systems
General Motors' VC arm is the lead investor on a $10 million Series A funding round for Wind Catching Systems, a Norwegian startup looking to commercialize next-wave floating offshore wind designs.
Why it matters: It's GM Ventures' first funding for a renewable power startup and a move that the auto giant calls complementary to its widening rollout of electric cars.
- As GM moves deeper into EVs, it’s "critical that we simultaneously drive the transition of the grid to low-carbon energy sources,” GM chief sustainability officer Kristen Siemen said in a statement.
Driving the news: Oslo-based WCS says its multiturbine system — seen via an artist's rendering above — cuts acreage needed for offshore wind by 80% and operates more efficiently than today's floating tech.
- Beyond the funding, GM and WCS have a "strategic agreement" to collaborate on tech development, project execution and more, they said.
- The funding round also includes Norwegian firms Ferd AS, North Energy ASA and Havfonn AS. WCS hopes to launch its first commercial project by 2027.
The big picture: EVs help fight global warming by displacing oil. But the cleaner the grid they're charging from, the greater the climate advantage over traditional drivetrains.