Aikido Technologies, a floating wind startup whose technology lowers costs, reduces fabrication timelines, and brings serial production to the floating wind sector, announced the closing of its oversubscribed $4 million Series Seed investment round. The funding was led by Azolla Ventures, with participation from Propeller Ventures, Sabanci Climate Ventures, Cisco Foundation, Anthropocene Ventures, and others.
Aikido will use this funding to advance its technology for offshore deployment, build its team, and develop a commercial pipeline. And the company is currently supported by Breakthrough Energy Fellows, which is funding Aikido’s first pilot deployment, the Aikido One.
At the core of the company’s technology is a platform for floating offshore wind turbines that slashes project costs and enables floating offshore wind projects to become economic. And the key features of the platform include 1.) Pin joints that enable serialized production of its 13 major steel components; 2.) A design that enables it to fold up during assembly, occupying 2/3 less space in a shipyard or quayside port facility; 3.) A fit-for-purpose reusable assembly structure that enables quick placement, alignment, final assembly, and transport; and 4.) An upending procedure that only requires water ballast
The company is now building its inaugural Aikido One platform with its fabrication partner, Morrison Energy, in Harvey, Louisiana. After completion, the company plans to demonstrate its technology in the Gulf Coast in Fall 2024. This demonstration will show plainly the key differentiators of Aikido’s platform technology: fast and compact final assembly, simple transportation and float-off, and a safe and upending procedure.
KEY QUOTES:
“Bringing strong financial investors to the table represents a huge milestone for Aikido and for the floating wind industry writ large. 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.”
– CEO Sam Kanner
“The American Bureau of Shipping (ABS) is proud to have been involved with the Aikido team since 2022, when we granted their concept an Approval-In-Principle. I welcome the announcement of this financing as a great signal for Aikido and the strength of the floating wind industry. I look forward to following the Aikido One project and their progress in the coming years.”
– Rob Langford, ABS Vice President, Global Offshore Wind
“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.”
– Matthew Nordan, General Partner at Azolla Ventures
“We are very excited about the opportunity for Aikido. The Aikido team is excellent, the market is huge, and their timing is critical — unlocking the tremendous renewable energy potential of floating offshore wind. Aikido’s technology solves the most critical challenge facing the industry, how to build these massive structures in a cost-effective, time-constrained and space-efficient manner.”
– Reece Pacheco, Partner at Propeller
