Renewable Energy Systems (RES), a UK-based energy company, has signed a letter of intent for the use of Modvion’s wooden wind turbine towers in its future wind energy projects. This action aims to elevate RES’ wind farms to the ranks of the most environmentally sustainable in the world. According to the deal, Modvion might provide RES with about 20 wooden towers per year between 2026 and 2036. This would represent $353 million in future orders for Modvion. Through their partnership, Modvion will be able to introduce RES Nordic’s wind turbine suppliers to their modular, wood-based tower technology.
In September 2022, RES agreed to sell its Lycksele project portfolio in Sweden to German investment firm Prime Capital. The 290 MW portfolio comprises the Fjällberg, Hornmyran and Vinliden wind energy projects. These projects would be sold for an unknown amount and are anticipated to go operational in 2025.