FORIDA secures multi-million investment

FORIDA secures multi-million investment

By 31. oktober 2014 News article

Forida secures multi-million investment in super hybrid towers for wind turbines

Forida A/S has just received more than DKK 25 million in new capital from The Danish Growth Fund and a number of private investors in order to facilitate the commercialization of the company’s hybrid towers for wind turbines, manufactured using ultra-high performance concrete. With the patented and certified towers Forida aims to meet the increasing demand for higher towers by wind turbine manufacturers. Higher towers equal more power and reduced costs. 

Forida’s wind turbine hybrid towers are manufactured using ultra-high performance concrete, UHPC. The design provides the customer with a number of benefits compared with traditional steel towers. The concrete towers are less costly to produce, transport and install, and the concrete material facilitates more flexibility in terms of design and tower height.

“On a global scale, approximately 10,000 new wind turbines are installed on tall towers every year. With this capital injection from our investors, among others The Danish Growth Fund, we intend to capture our share of the market, and we are more than ready,” says Jan Karlsen, CEO of Forida A/S.

Patented technology based on known materials
The secret behind Forida’s patented and certified wind turbine hybrid towers is the material ultra-high performance concrete (UHPC). UHPC is an advanced type of concrete that contains steel fibers, which enhance the mechanical and durability properties of the material. For the past twenty years, the material has been used in the production of e.g. balconies, bridges and other construction, where durability, strength and design are of the utmost importance. This is the first time the technology is applied in the production of wind turbine towers.

“Forida has the customers and their product is already patented and certified. We are convinced that Forida is capable of converting technology and ideas into a market success, which is exactly why we are providing Forida with capital. We look very much forward to following the company’s development in the years ahead,” says Stig Poulsen, partner and area director of VF Venture, the Danish Growth Fund’s venture investment department.

Forida expects to deliver and install the first hybrid towers in the second half of 2015. Due to the flexible process of producing UHPC, it is possible to manufacture the hybrid towers close to the wind turbine farms, making the product suitable for global application.

For more information, please contact:
Jan Karlsen 
CEO of Forida A/S 
+45 52 17 37 20
JK@FORIDA.DK

Stig Poulsen
Partner and Area Director at The Danish Growth Fund
+45 30 82 12 82
STP@VF.DK

READ THE DANISH VERSION


About The Danish Growth Fund
The Danish Growth Fund is a state investment fund that contributes to the creation of new companies by providing capital and expertise. Since 1992, The Danish Growth Fund has together with private investors co-financed growth in more than 5,000 Danish companies with a total commitment of more than DKK 12 billion. The Danish Growth Fund invests equity and provides loans and guarantees for small as well as medium-sized enterprises in collaboration with private partners and Danish financial institutions.