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Aikido Technologies secures $4M in seed funding to develop floating wind energy

By: Chloe Emanuel 21/06/2024 Aikido Technologies

Corporate Floating General Turbines Windfarms

Aikido Technologies, a pioneering floating wind startup, has successfully raised $4 million in a Series Seed funding round. The oversubscribed round was led by Azolla Ventures and saw participation from Propeller Ventures, Sabanci Climate Ventures, Cisco Foundation, and Anthropocene Ventures, among others. This investment will propel Aikido's efforts to advance its offshore wind technology, expand its team, and develop a commercial pipeline.

Aikido’s technology platform aims to lower costs, reduce fabrication timelines, and enable serial production in the floating wind sector. Notable features of the platform include pin joints for serialized production of major steel components, a compact design for efficient assembly, a reusable assembly structure for quick deployment, and a water ballast-based upending procedure.

"Bringing strong financial investors to the table represents a huge milestone for Aikido and for the floating wind industry writ large," said Sam Kanner, CEO of Aikido Technologies. "Our technology suite represents a step change in reducing costs, simplifying logistics, and increasing throughput of floating wind systems. This is crucial for meeting global decarbonization targets."

The American Bureau of Shipping (ABS), which granted Aikido’s concept an Approval-In-Principle in 2022, expressed support for the startup's progress. "The announcement of this financing is a great signal for Aikido and the strength of the floating wind industry," said Rob Langford, ABS Vice President, Global Offshore Wind.

Matthew Nordan, General Partner at Azolla Ventures, highlighted the importance of Aikido's technology in the fight against climate change. "The world does not reach net zero greenhouse gas emissions without taking advantage of the extraordinary resource in offshore wind. Aikido stands out in its ability to dramatically reduce costs and speed up installation."

Aikido Technologies is currently constructing its inaugural Aikido One platform with Morrison Energy in Harvey, Louisiana. The company plans to demonstrate the platform in the Gulf Coast in Fall 2024, showcasing its efficient assembly, transportation, and deployment capabilities.

Reece Pacheco, Partner at Propeller Ventures, emphasized the significance of Aikido's innovation. "Aikido’s technology solves the most critical challenge facing the industry—building massive structures in a cost-effective, time-constrained, and space-efficient manner."

This successful funding round marks a significant step forward for Aikido Technologies and the floating wind industry as a whole, bringing the promise of cleaner, more efficient renewable energy closer to reality.

For more information about offshore wind farm projects across the globe, click here.

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Aikido Technologies secures $4M in seed funding to develop floating wind energy

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