SeaTwirl Christmas Greetings!
I hope this Xmas letter finds you well. The holidays and a new decade is just around the corner which is a suitable time for me to look back and reflect on what has happened during the year. That SeaTwirl has an eventful year as you may know, and as we look back at the tremendous development of the wind power sector in general, we believe that ’the best is yet to come’.
SeaTwirl has had its most eventful year so far. In September we got a new chairman in Jens Tommerup, previously at MHI Vestas as CEO. Jens took over after Roger Cederberg, who after a fantastic job for many years chose to leave the board. Jens, with his background, his industry knowledge and his network of contacts, is a fantastic resource for SeaTwirl.
In June, we were granted € 2.48 million from the EU SME Instrument. The grants are given in very tough competition to companies that are considered to have "pioneering ideas with the potential to create entirely new markets or revolutionize existing ones". The applications were judged on several levels by experts in the respective industry. In our business, the grant is a great recognition for all of SeaTwirl and our technology.
During the year we have worked closely with Colruyt Group and Norsea Group, after signing a letter of intent in April. Together we validate concept and design principles and continue preparations for a possible agreement.
We are approaching a more commercial phase and have increased contacts with suppliers in the industry. In November, Jens and our project manager Jonas Boström visited WindEurope's large offshore conference in Copenhagen. Many of the suppliers we engage with were present and Jonas reported several good meetings.
The conference also discussed the future of the industry and what policy makers can do to support it. As the IEA looks ahead in its Offshore Wind Outlook 2019 report, the organization predicts, based on current and proposed policies, that the industry will be 15 times greater and worth over $ 1,000 billion by 2040. They also write that the potential is far greater than that.
Today we are seeing a surge in research and development of wind power all over the world and SeaTwirl is well positioned to capitalize through the development of S2. At SeaTwirl, we agree with many others that much of the potential is within offshore wind power, and that SeaTwirl's robust and simple solution will be a winning concept.
With that, I and the whole team at SeaTwirl wish you a Merry Christmas and a Happy New Year!
