Kitemill wins €2.5m cash injection from EU Innovation Council

Norwegian airborne wind energy developer Kitemill has secured €2.5 million ($2.7 million) from the European Innovation Council (EIC) to accelerate commercialisation of its novel technology.

The investment marks a milestone for Kitemill and its KM2 system, the 100kW wind energy device that operates at high altitudes where winds are stronger and more stable. Kitemill's solution captures wind power with a kite, tether, and ground station, channeling the wind's energy down to the ground to produce electricity.

Approximately 1000 applicants pitched for the latest EIC Accelerator grant with only 68 companies being successful.

Kitemill's CEO Thomas Hårklau commented on the announcement: “This latest tranche will help de-risk a critical phase for the KM2, including demonstration of the system’s performance in an operational environment.

"It also serves an important function to boost customer and public trust. But it doesn’t stop there. The ‘Blended Finance’ programme now provides a golden opportunity to unlock further financial resource to scale operations even more quickly.”

Have you read?
Airborne wind energy developer prepares for 24-hour test flight
Crowdfunding boost for airborne wind energy tech

The EIC jury highlighted the technological advantages of Kitemill's technology, stating: "Among the different technologies proposed for airborne wind engines, the Kitemill concept stands out in terms of efficiency, modest use of rare resources/materials, range of applicability, scalability, and technological maturity.”

The EIC Jury also commented on Kitemill’s market readiness stating: "Having been developed and investigated for about 20 years, the Kitemill concept has now reached a level of technological maturity where scaling up and distribution to different users are within short/medium term reach. Since wind energy is expected to be one of the two main sources of renewable energy in the near future, this fits very well into the current trend of massive worldwide upscaling of this energy source and adds another technological scenario to this development."

The EU has previously backed Kitemill in two separate funding rounds allocating €3.35 million ($3.6 million) through the European Innovation Fund's Small Scale Infrastructure Projects initiative, plus a further €2.4 million ($2.6 million), in 2019 and 2022 respectively. The €3.35 million grant will support the Norse Airborne Wind Energy Project (NAWEP) involving a 12-unit AWE array in the Greenflyway Zone between Sweden and Norway.

Earlier in 2024, Kitemill also secured €2 million ($2.2 million) from Dutch investment group Expanding Dreams, together with fellow investors plus a tax relief grant.

Established in 2008, Kitemill has spent more than a decade building knowledge, IP and assets, with acquisitions including Scotland’s Kite Power Systems (KPS) and Dutch firm eKite, plus significant investments from En-Vision Europe Limited and Ignatia, alongside the EIC.