Norwegian green energy company Alotta has successfully raised NOK 63.5 million (USD 6.3 million, EUR 5.4 million) on the heels of obtaining a 15-year power purchasing agreement with Mowi Chile.

Alotta, formerly known as Inseaenergy, creates floating photovoltaic platforms that provide solar energy. The company said the new agreement with Mowi Chile will see it power the company’s salmon farming sites at Huar Norte in the Los Lagos region.

Alotta said the deal “validates” its own-and-operate business model for its floating energy systems, and will provide long-term power production to Mowi’s operations. According to the company, Mowi Chile’s operations in the region are usually remote, off-grid, and utilize diesel generators for power. Removing those generators would lower both costs – the generators consume 60 million liters of fuel a year – and carbon emissions.  

“We are truly grateful for the trust from both investors and customers who share our vision of replacing diesel with green energy in remote areas,” Alotta CEO Kari-Elin Hildre said. “Our role is simple yet powerful: We design, build, and operate systems that deliver reliable, quiet power where it’s needed most.”

Alotta said its primary focus at the moment is floating solar power for aquaculture operations, and it currently uses a “dual revenue model” where it sells its technology via Alotta AS and obtains recurring kilowatt hour revenue through Alotta Energy. The arrangement allows companies to get access to clean power without owning or operating the equipment.

The company said the agreement with Mowi Chile gives it a foothold in the country and “opens the door to further international growth.”

Key investors in the latest funding round included Norselab, Bondø Invest, Pir Invest, and Umoe, according to Alotta.

“Alotta’s model is proven in Norway,” Vibecke Bondø with Bondø Invest said. “With a foothold in Chile, Alotta is stepping on the international stage – and we want to support that expansion.”

Source - https://www.seafoodsource.com