Stiesdal added funding from PensionDanmark

Stiesdal, a Velje (Give), Denmark-based developer of energy storage systems, announced adding PensionDanmark as a new minority shareholder in the company.

Financial details were not disclosed. PensionDanmark's investment in Stiesdal is made by subscribing for new shares.

At the same time as PensionDanmark's investment, capital is also being raised from the existing owners.

Stiesdal, led by CEO Peder Riis Nickelsen, was founded in 2016 by the Danish inventor Henrik Stiesdal with the declared mission to develop and commercialize technologies with high impact on climate change mitigation. The company operates floating foundations that can make it possible to install offshore wind turbines regardless of the sea depth, and this can multiply the already very large potential in offshore wind worldwide.

During 2021, Stiesdal expects to install a demo project with one of its floating foundations off the coast of Norway with funding from Shell, RWE and Japan's largest utility company, TEPCO.

One month earlier, in April 2021, Stiesdal announced securing $12.1 million in a strategic deal with local utility network Andel.