OSLO, NORWAY: North Energy ASA announced that Wind Catching Systems AS (WCS), the developer of floating offshore wind technology has completed a Series A investment round of up to USD 10 million led by the venture capital arm of an undisclosed global industrial company.

The proceeds from the Series A financing will be used to fund the development and commercialization of the WCS technology. WCS has also signed a strategic partnership agreement with the aforementioned global industrial company for collaboration, covering technology development, project execution and policy advancement.

The transaction values WCS at USD 30 million pre-money, corresponding to approximately USD 7 million for North Energy’s existing holding in the company.

The company participated with USD 250 000 in the Series A investment round. Following the completion of the transaction North Energy will hold approximately 22% of the outstanding shares in WCS and approximately 18% on a fully diluted basis.