Jun 15, 2022 - Energy & Climate

GM invests in offshore wind startup

Ben Geman

artist rendering of a floating offshore wind system — 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.

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GM invests in offshore wind startup

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