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Floating offshore wind technology startup Aikido Technologies announced that it has raised $4 million in […]]
Cleantech Startup Aikido Raises $4 Million for Low Cost Floating Offshore Wind Solution – ESG Today
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Cleantech Startup Aikido Raises $4 Million for Low Cost Floating Offshore Wind Solution
Mark Segal
June 25, 2024
Floating offshore wind technology startup Aikido Technologies announced that it has raised $4 million in a Seed series investment round, with proceeds to be used to build its team and develop, and for the development of a new offshore pilot project.
Floating wind technology can be installed in deeper waters than fixed wind turbines, allowing the projects to be installed far offshore, placing them in an area of higher wind energy potential, and reducing the visual impact of wind farms for coastal communities. The high cost of floating wind projects, however, is a key barrier to scaling the broader deployment of the technology.
Founded in 2022, California-based Aikido develops technologies for the floating wind industry, aimed at addressing the sector’s challenges and removing barriers to deployment, including lower costs. The company’s solutions include the Aikido Platform, a semi-submersible platform that can transport a fully assembled floating wind turbine horizontally, and the Aikido Turbine, a floating-specific wind turbine that can reduce the cost and weight of a floating platform by 25%.
Key features of the platform include pin joints that enable serialized production of major steel components, a foldable design occupying 2/3 less space in a shipyard or quayside port facility, a reusable assembly structure enabling quick placement, alignment, final assembly and transport, and an upending procedure that only requires water ballast.
Aikido said that it will use the new capital to advance its technology for offshore deployment, build its team, and develop a commercial pipeline, in addition to developing the Aikido Two offshore operational pilot. The company is currently building its inaugural pilot deployment, the Aikido One platform, with its fabrication partner Morrison Energy, and with funding by Breakthrough Energy Felows in Harvey, Louisiana, with plans to demonstrate the technology in the Gulf Coast later this year.
Aikido CEO Sam Kanner said:
“Floating wind must become commercialized by the end of the decade so that we can meet decarbonization targets set by pioneering offshore wind countries, including the U.S., U.K., and others in Europe and Asia. We believe that our technology suite represents a step change in reducing costs, simplifying logistics and increasing throughput of floating wind systems.”
The new financing was led by Azolla Ventures with participation from investors including Propeller Ventures, Sabanci Climate Ventures, Cisco Foundation, and Anthropocene Ventures, among others.
Matthew Nordan, General Partner at Azolla Ventures, said:
“We are delighted to lead Aikido’s first equity financing. The world does not reach net zero greenhouse gas emissions without taking advantage of the extraordinary resource in offshore wind, but the high costs of incumbent technologies have limited deployments to date. We are optimistic that Aikido stands out amongst a multitude of competing concepts in its ability to dramatically reduce costs and speed up installation.”
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.
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