Kitepower secures €3 million for innovative airborne wind energy system
June 17th, 2021
We are very excited to announce that Kitepower has secured a €3 million investment agreement for the development of innovative airborne wind energy systems. Energy innovation fund ENERGIIQ, Stichting ifund and Windhandel Beheer are investing €1 million each in Kitepower. The Delft-based start-up will use the funds to commercialise its innovative airborne wind energy system (AWES) and further expand its organisation. The investment was announced on 16 June at Kitepower’s premises in Delft.
The investment will enable Kitepower to accelerate the development and market introduction of its technology, which has the potential to significantly reduce CO2 emissions across diesel-dependant industries. It will also create job opportunities in Delft and the surrounding region. Apart from financial support, the investors can provide access to a broad network of experts and contacts to propel the commercialisation rollout.
Mobile, plug & play alternative for microgrids
Kitepower, co-founded in 2016 by CEO Johannes Peschel and TU Delft associate professor Roland Schmehl, is a spin-off from the TU Delft’s kite power research group. The company has developed its 100kW AWES with a ‘Fast Track to Innovation’ grant from the European Union’s Horizon 2020 framework programme, guided by a mentoring partnership with tech incubator YES!Delft and with support from angel investor and wind energy expert Henk Hutting.
Johannes Peschel, Founder CEO of Kitepower, is enthusiastic about the future and says: “This investment will significantly boost our ability to refine and develop our system and organisation. Our technology presents an opportunity to disrupt the global renewable energy market by ease of operation and increased capacity. We look forward to a successful collaboration with many learning opportunities.”
About Windhandel Beheer
A spokesperson from Windhandel Beheer says:“Henk Hutting, founder of Windhandel Beheer, has been described as ‘Kitepower’s biggest fan’. Due to his impressive career in the renewable energy sector, he has been an important investor and advisor for the company in recent years. Even though he passed away only a few months ago, Henk’s legacy lives on in many ways and we are proud to count Kitepower as part of it.”
About Stichting ifund
Stichting ifund aims to sustain the long-term quality of life for all mankind by stimulating the transition to a sustainable society in which renewable energy is generated locally and people have access to organic food and clean water. ifund invests in impact-first start-ups with an investment typically ranging between €200k and €1m.
Stefan van Eijk, fund manager at Stichting ifund, says: “We believe Kitepower will be a catalyst for airborne wind energy, thereby enabling renewable energy for a completely new segment. We are excited about the years ahead and will support Kitepower in the further commercialisation of the technology throughout.”
ENERGIIQ is the energy innovation fund of the Province of South Holland and is administered by InnovationQuarter. The Province of South Holland has earmarked €35 million for ENERGIIQ, which invests in businesses that are ready to commercialise a proven energy innovation. Innovations should lead to a reduction in CO2 emissions and/or the creation of jobs in the Province of South Holland.
Rafael Koene, ENERGIIQ fund manager at InnovationQuarter, adds: “We are investing in Kitepower because it has developed an interesting technology that can have a significant impact on CO2 reduction in remote areas and locations requiring temporary power by offering a fossil-free alternative to polluting diesel generators. ENERGIIQ has every confidence in Kitepower’s management team and looks forward to driving this proposition forward.”
InnovationQuarter is the regional development agency for West Holland. It invests in innovative, fast-growing local enterprises and helps transnational companies become established in this unique delta region. InnovationQuarter also facilitates national and international collaboration between forward-thinking entrepreneurs, knowledge institutes and governments. By collaborating with the business community, the agency is helping to make West Holland one of the most innovative regions in Europe.