In a significant move demonstrating faith in renewable energy innovations, Expanding Dreams, the investment vehicle of the Polderman family from the Netherlands, has announced a substantial investment in Kitemill AS. Together with smaller investors and a tax relief grant, the runway of Kitemill now touches €2m, and most of the planned activity in 2024 is covered.
A Pivotal Step for Airborne Wind Energy
This investment marks a pivotal step in accelerating the development of Kitemill's groundbreaking Airborne Wind Energy solutions. It is expected to significantly boost Kitemill's efforts in refining and advancing their technology, positioning them at the forefront of the AWE industry.
CEO's Outlook on Kitemill's Future
“This greatly improves the odds in favour of 2024 marking the tipping point for Kitemill and the sector, with large strides towards commercialization,” says Thomas Hårklau, CEO of Kitemill.
The Infusion of Capital by Expanding Dreams into Kitemill
The infusion of capital by Expanding Dreams into Kitemill underscores the growing confidence in airborne wind energy (AWE) as a sustainable and viable alternative energy source. Andre Polderman, the force behind Expanding Dreams, brings a rich background in SaaS software and an engineering education to the table. His expertise and passion for cutting-edge technology have been instrumental in recognizing the potential of Airborne Wind Energy (AWE) and, in particular, the promise held by Kitemill.
"Our decision to invest in Kitemill stems from a deep belief in the power of innovation to solve some of our most pressing energy challenges. The future will be all about sustainable energy. At the recent Dubai climate summit, countries agreed on switching away from fossil fuels and tripling the amount of sustainable energy by 2030. That is why I think AWE, amongst other sources of energy, will be of great importance to achieve these goals," said Polderman. "Kitemill's vision aligns perfectly with this future of sustainable, alternative energy sources."
Personal and Business Investment
The investment is not only a business decision but also a personal one. The Polderman family's affinity for Norway, evidenced by their ownership of a house close to Kitemill's location, played a role in the introduction to the partnership.
"We have always admired Norway and its people, and it's exciting to be part of a venture that's so close to our second home and at the same time holding so much promise," Polderman added.
Expanding Dreams and Dutch Connections
This investment by Expanding Dreams is also a nod to the existing and strong Dutch connections within Kitemill, including the former e-Kite team working for Kitemill, other Dutch shareholders, and the involvement of Technical University Delft. These synergies underscore the collaborative nature of the renewable energy sector and the global effort to advance sustainable technologies.
Kitemill's Ambitions and Future Plans
With this new influx of resources, Kitemill aims to expedite the development of its current model, KM1, and the forthcoming KM2. These models represent significant advancements in harnessing high-altitude winds to generate clean, efficient energy.
"We are thrilled to welcome Expanding Dreams and the Polderman family into our journey," said Asgeir Løno, CFO of Kitemill. "Their investment is a testament to the viability of AWE, the potential of making an important and large impact, and a major boost in our mission to revolutionize renewable energy generation."
About Kitemill AS
Kitemill AS is a pioneering company in the field of Airborne Wind Energy. By harnessing stronger and more consistent winds in higher altitudes, Kitemill's technology aims to produce renewable energy cheaper and more efficiently, representing a significant leap forward in green energy solutions.
About Expanding Dreams
Expanding Dreams BV, led by Andre Polderman, is an investment entity focused on supporting companies that provide innovative technologies and sustainable technology solutions. With a background in SaaS software and engineering, Expanding Dreams is committed to fostering advancements in sustainability.