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North Energy ASA ( (DE:RN2) ) has provided an update.
Wind Catching Demo AS, a collaboration between Wind Catching Systems AS and EnBW Energie Baden-Württemberg AG, has secured a significant NOK 1.2 billion grant from Enova for a floating offshore wind demonstrator project in Norway. This funding will enable further development and scaling of Wind Catching technology, which promises to revolutionize the offshore wind industry with its multi-rotor design, potentially reducing costs and enhancing operational efficiency. The project, set in the North Sea, aims to demonstrate the technology’s viability before its full commercial launch, highlighting Enova’s role in advancing Norwegian technology and EnBW’s commitment to the Norwegian market.
More about North Energy ASA
Wind Catching Systems AS develops advanced floating offshore wind technology utilizing multi-turbine designs to improve efficiency and reduce costs. Key stakeholders include GM Ventures LLC, Ferd AS, North Energy ASA, and its founders. EnBW Energie Baden-Württemberg AG is a major European energy company with extensive experience in offshore wind projects and is actively involved in the Norwegian market.
YTD Price Performance: 10.0%
Average Trading Volume: 6,831
Technical Sentiment Consensus Rating: Sell
Current Market Cap: €27.41M
Find detailed analytics on RN2 stock on TipRanks’ Stock Analysis page.