France-based offshore wind turbine developer Ideol has raised €8m ($9m) from investors including submarine cable installer Siem Offshore Contractors and industrial and engineering firm Hitachi Zosen.
Amundi Private Equity Funds, a subsidiary of asset manager Amundi Group, also took part in the round, as did Tertium Management, Paca Investissement and Conseil Plus Gestion.
Ideol is working on offshore wind turbines that will be built on floating platforms rather than fixed foundations, meaning they could theoretically be installed more cheaply and located further from land where wind is stronger and more constant.
The company is working with Hitachi Zosen on a two-turbine pilot project in the latter’s home country of Japan, having previously pursued joint design and engineering work on the technology.
Paul de la Guérivière, CEO of Ideol, said: “The partnership agreements signed with these internationally-recognised companies give Ideol the unique capability of providing its clients with a turnkey solution on all major markets, from the engineering and construction of its patented floating foundations to their offshore installation.
“We believe that such global and integrated approach is rapidly becoming a true added value as the first commercial-scale projects are right around the corner.
“These partnerships also underline Ideol’s unique international position as the only floating technology supplier with full-scale demonstration projects in the world’s two major markets: Europe and Japan.”
Ideol had previously raised €22m from investors including Tertium, Paca Investissement, Sofimac Partners’ FCPR Emergence Innovation 1 fund, Demeter Partners’ Demeter 3 Amorçage fund and Conseil Plus Gestion’s FIP Entrepreneurs Capital 3 vehicle.
– Photo courtesy of Ideol SA