Windlift partners with Enduring Planet to scale offshore wind
Offshore wind is currently at an impasse. The required manufacturing effort, infrastructure upgrades, and CAPEX makes most projects infeasible. Windlift's proprietary technology replaces the tower and foundation of a traditional wind turbine with an autonomous drone attached to a conductive tether. Their modular design is built for scalability, can be rapidly deployed and installed, and slashes material requirements for offshore wind by 90%.
The first single unit deployed will produce 165,000 kWh of carbon-free renewable energy in year 1. Windlift expects to displace 4.7 gigatons of CO2 per year by 2050.
Windlift contributes to the UN’s Sustainable Development Goals 7 (Affordable and Clean Energy) and 13 (Climate action).
Windlift partnered with Enduring Planet to:
- Grow the team quickly
- Better manage receivables and cash flow
Grow at the speed of business, not government
The Enduring Planet Grant Advance enabled Windlift to grow their team at the speed of business, rather than the speed of government. Since receiving the grant advance, Windlift has already onboarded five new hires, substantially advancing timelines for key deliverables.
Windlift was also drawn to the Enduring Planet's founder-friendly structure. Other factoring providers require companies to designate the lender as the payee for invoices, which can create significant operational headaches and pose challenges for grant agencies. Other lenders generally factor specific invoices, which reduces the availability of working capital for the borrower. With Enduring Planet, Windlift was able to maintain control of operational accounts and access more capital up front!
Good product and great team!
Looking to Scale?