Kitemill x Innovayt // EIC Accelerator

Kitemill is a global leader in Airborne Wind Energy (AWE), developing a disruptive renewable energy technology to accelerate the green transition and achieve global climate goals. Since 2008, Kitemill has developed solutions to revolutionise the way wind power energy is utilised, hence introducing a more efficient and sustainable technology that reaches new heights. The recently secured multi-million EU grant will support Kitemill in reaching an important milestone when launching their first commercial system.

Disruptive renewable energy technology

The pioneering KM2 system builds on the kite principle, positioning the wind turbines at higher altitudes than conventional solutions where winds are stronger and more consistent. More detailed, it captures wind power with a specially designed aircraft that connects via a tether which transforms the pull force to a ground station generator. As a result, the tractive force from the tether is converted to electricity which is then stored in the power grid. Efficient and safe operations are ensured thanks to the control system, which autonomously places the aircraft at optimal altitude and wind speed as well as retreats the aircraft during severe weather conditions or low winds.

Compared to conventional solutions, including conventional wind and solar power, the KM2 system is more efficient and sustainable. It uses less material to produce more stable energy output, in turn reducing both costs and the environmental footprint. Further advantages include simplified installation and maintenance processes with the possibility to easily relocate, wider range of areas suitable for wind energy, greater social acceptance as it is barely visible from the ground, among others.

EU funding

In collaboration with Innovayt, Kitemill secured significant funding from the European Innovation Council (EIC) through the competitive EIC Accelerator (EICA) programme. From close to 1000 applications, 68 were selected for funding, whereof Kitemill was the sole Norwegian company. Kitemill was awarded €2.5 million in grant, with the potential to secure an additional €8 million in equity investment as part of this Blended Finance programme, to support the commercial launch. More precisely, this EIC funding will allow Kitemill to complete the riskiest development steps and demonstrate the system’s performance in an operational environment. EICA supports SMEs and start-ups in developing and scaling-up game-changing and high-impact innovations, hence securing EICA funding is a testament to EU‘s confidence in the KM2 system. On behalf of Kitemill, Innovayt coordinated and prepared this funding application, as well as provided support in the interview preparation phase.

Innovayt was onboarded swiftly and immediately made an impact, expertly distilling the complex details of our project into a compelling application. They helped us enhance our case with key insights that highlighted why Kitemill should be chosen by the EIC, despite the highly competitive field. Following the success of our written application, Innovayt provided invaluable training for our interview. Out of 350 of Europe’s top start-ups invited to pitch in Brussels, less than 20% were successful. This speaks volumes about Innovayt’s expertise and the critical importance of our mission to develop Airborne Wind Energy as the next major energy generation technology.

– Asgeir Løno, CFO at Kitemill.