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CMPC Ventures Invests in Swedish Firm Modvion for Wooden Wind Turbine Towers

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• The operation is part of the portfolio of the $100 million innovation fund launched by the forestry group in 2023. Marisa Cominetti.

With an investment of 2 million euros, CMPC Ventures, the innovation investment arm of the forestry holding, expands its presence in Northern Europe. Alongside the two Finnish startups in its portfolio (Boreal Bioproducts and Woamy), it now adds Sweden’s Modvion and its disruptive technology that extends the use of wood to renewable energy through wind turbine towers made of laminated veneer lumber.

CMPC Ventures states that the injection will boost production, next-generation product development, and the expansion of Modvion’s marketing and sales capabilities, in addition to contributing human capital through collaborative work.

"We are very excited about this investment in Modvion, as it aligns with our sustainability and innovation commitments and represents a concrete step in advancing wood construction with disruptive developments that showcase and explore its versatility for high-tech uses," emphasizes Bernardita Araya, Manager of CMPC Ventures.

Meanwhile, Modvion’s CEO, Otto Lundman, welcomed the forestry group as a new investor following the successful closing of a funding round of 67 million Swedish kronor (approximately 5.8 million euros), joining its key shareholders, including Vestas Ventures, Almi Greentech Fund, Course Corrected VC, and Symbia VC. "CMPC will be a strong partner in Modvion’s upcoming global expansion. This investment will facilitate our development and broaden our reach," he stated.

Modvion is an engineering and industrial design firm that champions the benefits of wood in wind turbine tower construction, including a 90% reduction in emissions—each 150-meter tower saves 2,000 tons of CO₂ emissions. Additionally, they achieve greater heights and harness stronger winds, increasing energy generation. The structures also capture CO₂ in their fibers, making a wind farm carbon neutral.

For CMPC, this operation is part of the $100 million innovation fund portfolio they launched in 2023, in which they have already invested over $20 million.

Source: subscription edition ofEl Mercurio