Triton Anchor, a developer of an anchoring solution for the floating offshore wind industry, announced on Wednesday the closing of its initial funding round.
The funds will be used to accelerate platform development as the company scales its products from prototype to general release, expands market outreach, and grows its team, Triton Anchor said.
“Floating offshore wind is at a worldwide inflection point. Component efficiency and industrialization are the keys to a rapid increase in green energy output.” said Tyson Lawrence, CEO of Triton Anchor.
Zach Miller, Triton Anchor CTO, expanded “This funding enables us to deliver that future and offer a solution to a critical gap in the floating offshore wind supply chain.”
Triton Anchor, based in Chelmsford, Massachusetts, is a spin-off of Triton Systems, a developer of technology-based solutions for growing markets in energy, biotech, and security. According to information on its website, the Triton Anchor solution is a low cost, silently installed, modular anchoring system that works for catenary, shared, taut, and TLP moorings.
Triton Anchor’s seed round is led by OS Impact Investments and supported by the Massachusetts Clean Energy Center (MassCEC).
"Competitive grants provided by the U.S. Department of Energy, National Offshore Wind Research & Development Consortium (NOWRDC), MassCEC, and the Department of the Navy have been crucial to making this technology a reality," Triton Anchor said.
The support of these institutions has both provided development funding and confirmation of the importance of this product to the green economy, the company said.
Scott Wheeler, Managing Director of OS Impact Investments, said “The anchoring solutions being developed by Triton Anchor have the potential to be a game changer by accelerating the deployment of floating wind generation and floating wind’s potential to help the world achieve its carbon reduction goals. Its solutions will not only help the industry lower costs but will reduce the time needed to deploy wind turbines in deep water environments.”
“Massachusetts is a leader in offshore wind development and innovation. To reach ambitious 2030 decarbonization goals and our Commonwealth’s commitment to 5600MW of OSW by 2030, we must accelerate leading-edge OSW technologies,” said MassCEC’s Managing Director of Investments, Hilary Flynn. “Floating offshore wind will help us reach our goals. Triton Anchor’s novel anchor solution reduces the cost of floating turbines and will help deliver affordable, clean energy to the residents of the Commonwealth.”