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26 September 2019

EOLOS, supported by EIT InnoEnergy, receives major capital boost by swiss Prorsum

EOLOS, a start-up supported by EIT InnoEnergy, completed a significant capital injection by the entity of the Swiss investment company Prorsum AG. Rajai Aghabi, CEO and founder of EOLOS, describes the capital increase as “a significant closing for EOLOS, allowing the present team the flexibility and capability to both grow and expand globally in the market of turn-key offshore wind data measurement campaigns, not only by strengthening our financial position, but also through the extensive network within the energy sector that Prorsum can provide”.

The funding provides a step increase in solidity both towards clients and the entire supply chain. Aghabi comments: "The rapid growth of the wind industry markets in Europe, North America and Asia is a great growth opportunity for EOLOS. The capital increase will allow EOLOS to better serve their clients with a trend towards multi buoy projects and to expand their global footprint".

EIT InnoEnergy, the innovation engine for sustainable energy across Europe, provided start-up funding for EOLOS in 2014 and continues to support the company.  Diego Pavia, CEO EIT InnoEnergy, acknowledged that "the growth and development of EOLOS have been a reference case within our renewable energy portfolio, confirming the effectiveness of our participation in the company and our nurturing of the team during their early years.  I am very proud of the EOLOS team to have achieved this step, consistent with the projections they set and committed themselves to."

Prorsum’s CEO and founder Otto von Troschke declared: "We are excited to become the largest shareholder of EOLOS following the capital increase. Rajai and his team have made EOLOS over the past years to one of the market leaders in the turnkey floating LIDAR segment and attract some of the biggest utilities active in the offshore wind industry as their clients. Due to the acceleration of the development time of offshore wind, EOLOS can provide a valuable impact on SDG 7.” Jeroen van der Veer, board member of Prorsum and former CEO of Royal Dutch Shell adds: “Offshore wind farms play a central role in the large-scale adoption of renewable energy. Reducing their development time is a key challenge to accelerate their growth. EOLOS provides reliable and cost-effective wind measurements by using floating LIDAR instead of a traditional wind mast that requires lengthy permitting phases. With this differentiating technology, EOLOS significantly contributes to reducing the development time of an offshore wind farm without compromising the quality of the data provided."

In summer 2017 EOLOS relocated to larger, dedicated facilities just outside of Barcelona, and now incorporates 17 full-time employees, with senior management members coming from the offshore wind industry including General Electric, Alstom and Ecofys. EOLOS has secured over the past months' new projects in USA, Ireland and South Korea, with track-record achieved with developers such as  NYSERDA, EDPR and Iberdrola.  Continued investment is expected following the trends of the offshore wind industry, with the longer-term market tending towards floating offshore wind with deep water sites, making an even stronger case of site-specific floating LiDAR campaigns.

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