Aikido Technologies, a pioneering force in the floating wind sector, has announced the successful closure of its oversubscribed $4 million Series Seed investment round. Led by Azolla Ventures and supported by Propeller Ventures, Sabanci Climate Ventures, Cisco Foundation, Anthropocene Ventures, and others, this funding marks a significant milestone for Aikido as it accelerates the development of its groundbreaking technology designed to lower costs and streamline the deployment of floating offshore wind turbines.
At the heart of Aikido’s innovation lies a revolutionary platform that promises to transform the economics of floating offshore wind projects. This platform boasts several key features, including precision-engineered pin joints that facilitate the serialized production of its 13 major steel components. What sets Aikido apart is its unique design, which allows turbines to fold during assembly, reducing spatial requirements by two-thirds in shipyards or port facilities. The company’s fit-for-purpose assembly structure ensures swift placement, alignment, and final assembly, complemented by an ingenious upending procedure that simplifies the process using only water ballast.
Sam Kanner, CEO of Aikido Technologies, expressed optimism about the future of the floating wind industry: “Bringing onboard strong financial investors represents a significant achievement for Aikido and underscores our commitment to commercializing floating wind by the end of this decade. Our technology suite not only slashes costs but also enhances logistical efficiency, critical for meeting decarbonization targets set by leading offshore wind nations like the U.S., U.K., and others across Europe and Asia.”
Aikido’s journey to this pivotal moment has been bolstered by strategic partnerships, including support from the American Bureau of Shipping (ABS), which granted the company an Approval-In-Principle for its innovative concept in 2022. Rob Langford, ABS Vice President of Global Offshore Wind, remarked on the financing announcement: “This funding round signals robust growth for Aikido and underscores the strength of the floating wind sector. We eagerly anticipate the progress of the Aikido One project and its potential impact in the years ahead.”
Matthew Nordan, General Partner at Azolla Ventures, highlighted Aikido’s potential to drive substantial change in renewable energy deployment: “We are thrilled to lead Aikido’s first equity financing. As we strive towards net-zero emissions, leveraging offshore wind resources becomes increasingly crucial. Aikido’s ability to significantly reduce costs and accelerate installation positions it uniquely in the market.”
Currently, Aikido is advancing its inaugural Aikido One platform in collaboration with fabrication partner Morrison Energy in Harvey, Louisiana. Scheduled for deployment in the Gulf Coast by Fall 2024, this demonstration will showcase Aikido’s platform advantages, including rapid final assembly, simplified transportation, and a secure upending process.
Reece Pacheco, Partner at Propeller Ventures, emphasized the transformative potential of Aikido’s technology: “We see tremendous opportunity in Aikido. With an exceptional team and impeccable timing, Aikido is poised to unlock the vast renewable energy potential of floating offshore wind. Their innovative approach addresses critical industry challenges head-on.”
Aikido Technologies’ recent funding round not only underscores investor confidence but also sets the stage for advancing sustainable energy solutions through innovative technology. As the company continues to expand its capabilities and partnerships, it remains steadfast in its commitment to reshaping the future of offshore wind energy.
