1 The EIC Accelerator Project
Overview of the EIC Accelerator Program
The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support innovative small and medium-sized enterprises (SMEs) and startups in Europe. Its primary aim is to accelerate the development of breakthrough innovations that can have a significant impact on the market and society. The program provides a range of funding options, including grants and equity investments, to help companies bridge the funding gap that often exists during the transition from research and development to commercial success.
Funding Structure
The EIC Accelerator offers a blended finance approach, which combines grant funding and equity investment.
Purpose of the EIC Accelerator
The EIC Accelerator plays a vital role in the European DeepTech and startup ecosystem by providing essential financial support to high-potential companies. It aims to foster innovation, create jobs, and enhance competitiveness within the European market. By reducing the financial risks associated with bringing new technologies to market, the EIC Accelerator facilitates entrepreneurship and supports the development of innovative solutions to pressing societal challenges.
Role in Scaling Companies
The EIC Accelerator serves as a catalyst for growth, providing not only funding but also access to a wide network of experts, investors, and partners. Companies participating in the program benefit from tailored coaching and mentorship, which helps them refine their business models and prepare for market entry. This support is crucial in enabling startups to secure additional funding from private investors, thereby enhancing their scalability and sustainability.
Case Study: KITEMILL AS and the AWE-KM2 Project
Company Overview: KITEMILL AS, based in Norway, is a pioneering company in the field of airborne wind energy. Their innovative approach leverages the potential of high-altitude winds to generate renewable energy more efficiently than traditional wind turbines.
Project Acronym: AWE-KM2
Project Description: The AWE-KM2 project focuses on the development of an innovative Airborne Wind Energy (AWE) system. This project seeks to optimize the efficiency and reliability of wind energy production by utilizing kites or drones that ascend to high altitudes where wind speeds are significantly higher.
Technology Basics and Background
Airborne wind energy technology is based on harnessing the kinetic energy of wind at altitudes that are often inaccessible to conventional wind turbines. KITEMILL's AWE-KM2 system utilizes a tethered kite that flies in a figure-eight pattern, capturing energy from the wind. The kite is connected to a generator on the ground via a cable, which converts the kinetic energy into electrical energy.
The technology has several advantages over traditional wind energy systems:
- Higher Wind Speeds: Airborne systems can reach altitudes where wind speeds are consistently stronger, thus increasing energy output.
- Reduced Land Footprint: Kites require much less physical space compared to traditional turbines, making them suitable for a variety of locations, including urban environments.
- Lower Installation and Maintenance Costs: The lightweight design of the AWE system reduces material costs and simplifies installation, while the ground-based generator minimizes maintenance challenges.
Conclusion
The EIC Accelerator program represents a significant opportunity for innovative companies like KITEMILL AS to secure crucial funding and support for their groundbreaking projects. The AWE-KM2 initiative exemplifies the potential of airborne wind energy technology to transform the renewable energy landscape, contributing to a more sustainable future. By integrating grant and equity funding, the EIC Accelerator not only fosters innovation but also enhances the commercial viability of high-impact projects, thereby strengthening the European startup ecosystem.
2 The Funding Rounds
Financing Raised by Kitemill AS Since EIC Accelerator Funding (March 13, 2024)
Overview
Kitemill AS, based in Norway, has experienced a dynamic period of financing activity since submitting and winning the EIC Accelerator grant in March 2024. The company is focused on airborne wind energy technology and has attracted both public and private investment to accelerate commercialization.
Funding Rounds: Timing, Amounts & Investors
- €3.35 million through the European Innovation Fund’s 'Small Scale Infrastructure Projects' initiative (2019)
- €2.4 million in a separate round (2022).
- Private Investment – Early 2024:
Blended Finance & Upcoming Rounds
- With success at the EIC Accelerator stage, Kitemill became eligible for “Blended Finance,” which matches up to €8 million of private investment with EU resources—a potential future capital injection aimed at further scaling operations should sufficient private interest materialize.
- The company is preparing for a Series A round targeting approximately €16 million with an estimated closing by January 1st, 2026; preparations are ongoing as they seek to leverage their recent momentum into larger institutional rounds.
Investor Information
Key investors since March/April include:
- European Innovation Council / European Commission
- Expanding Dreams (Dutch investor group)
- Crowdfunding participants (~300+ individual shareholders added early/mid–2024)
- Jon Gjerde family
- Industrial players such as Kongsberg Innovation AS
Valuations
No explicit post-money valuation figures have been publicly disclosed following these funding rounds as of May 2025.
Exit Events: IPOs or Acquisitions
There have been no public announcements regarding an IPO or acquisition/buyout event for Kitemill AS since receiving its most recent round of EIC support.
Summary Table
| Date | Round/Funding Type | Amount | Key Investors/Comments |
|---|---|---|---|
| Jul–22–24 | EIC Grant | €2.5M | European Innovation Council |
| Early–24 | Private Investment | €2M | Expanding Dreams + others |
| Jan–24 | Crowdfunding | >NOK1M overrun | ~300+ individual shareholders |
| Jul–19/22 | Prior EU Grants | €3.35M +€2.4M | EU Small Scale Infra Projects/EU fund |
</em>Crowdfunding campaign was oversubscribed by NOK1M; total not specified but exceeded targets.
Additional Notes
Kitemill’s progress has positioned it for possible multi-million euro blended finance match-funding (€8m ceiling) pending subsequent private investment inflows before/during its planned Series A raise scheduled near end-of-year/start-of-year close in early January 2026.
No exit events have occurred as per available records up until May 06, 2025.
Sources
- Kitemill wins €2.5m cash injection from EU Innovation Council
- Kitemill obtains funds to bring kite-like wind power tech to market
- Dealroom: Company information on funding & investors
- Kitemill news release on automatic operation/fundraising update
- PES.eu press release on latest cash boost & past financing
3 The Press Releases
Kitemill AS: Recent Developments and EIC Accelerator Funding
Kitemill AS, a Norwegian company based in Voss, has been at the forefront of innovative airborne wind energy (AWE) technology. In March 2024, Kitemill secured €2.5 million from the European Innovation Council (EIC) Accelerator to accelerate the commercialization of its AWE technology, specifically the KM2 system.
Technology Advancements
Kitemill's KM2 system is a kite-like wind power generator with a wingspan of 16 meters, capable of flying at altitudes over 1,000 feet. It generates an average power cycle of 100 kilowatts, sufficient to meet the needs of an average-sized restaurant or office. The KM2 stands out for its efficiency in harnessing wind energy at higher altitudes and requiring less material compared to traditional wind turbines—using less than 10% of the materials needed for conventional turbines.
Operational Achievements
In early 2023, Kitemill achieved several operational records, including over 3,000 hours of team and equipment readiness for launch, surpassing 500 flights since the project's initiation in October 2019, and achieving the longest continuous operation of 5.5 hours. These milestones demonstrate the company's progress in refining its AWE technology.
Partnerships and Funding
Kitemill has received significant funding from the EU, including previous grants of €3.35 million and €2.4 million in 2019 and 2022, respectively. The latest EIC Accelerator grant follows a grant from the European Innovation Fund for the Norse Airborne Wind Energy Project, which supported the demonstration of 12 KM2 systems. This latest funding also makes Kitemill eligible for the EU's 'Blended Finance' program, potentially matching up to €8 million of private investment.
Team and Operations
Kitemill employs a team of 13 staff members and several advisors, with operations and test sites at Lista, Norway. The company's leadership, including CEO Thomas Hårklau, emphasizes the importance of these funding rounds in validating and advancing their technology, aiming towards scaling up operations and contributing to a more sustainable energy future.
Future Plans
Kitemill aims to scale up the KM2 system further, targeting a wingspan of 40 meters and the potential to generate up to 3,000 kilowatts. The company sees itself playing a significant role in achieving an emissions-free society by 2050.
Sources
- Kitemill Secures €2.5 Million Funding from EIC to Accelerate Commercialization
- Kitemill Breaking Records for Automatic Operation
- Kitemill AS - AWETRAIN Doctoral Network
- Kitemill wins €2.5m cash injection from EU Innovation Council
- Revolutionary company raises millions to advance kite-like wind energy
4 The Technology Advancements
Current Capabilities of Kitemill AS
Kitemill AS, a Norwegian company, is a leading developer of airborne wind energy (AWE) technology. The company's innovative approach harnesses wind energy at altitudes above 350 meters, where winds are stronger and more consistent than at the heights reached by conventional wind turbines. Kitemill's system consists of a kite connected by a tether to a ground-based generator, which captures the energy generated as the kite pulls the tether while flying in a helical pattern. This technology offers several advantages, including reduced material usage—less than 10% of that required for traditional wind turbines—and increased energy yield.
Advancements Since EIC Funding
Following the receipt of €2.5 million from the European Innovation Council (EIC) in March 2024, Kitemill AS has made significant advancements in its technology. The funding has accelerated the commercialization of their Airborne Wind Energy systems, particularly the KM2 model, which features a 16-meter wingspan and is capable of generating 100 kW of power. This model has undergone extensive testing, with the KM1 prototype achieving over 500 test flights and setting endurance records.
Improvements and New Features
Kitemill's focus has been on refining their technology for utility-scale applications. The KM2 system is designed to be more efficient and scalable, with plans to scale up to a 40-meter wingspan capable of producing up to 3,000 kW. The company has also emphasized fault handling and automatic landing capabilities, crucial for reliable operation and commercial viability.
Market Demonstration
Kitemill has been actively demonstrating its technology through various projects. The Norse Airborne Wind Energy Project, supported by the EU Innovation Fund, involves the installation of at least 12 KM2 units in Holtålen, Norway. This project showcases the potential of AWE systems in real-world settings, highlighting their efficiency and sustainability.
Patents, Studies, and Whitepapers
There is no specific information available regarding new patents filed or scientific studies published by Kitemill AS since March 2024. However, the company's advancements and market demonstrations indicate a strong commitment to innovation and commercialization in the airborne wind energy sector.
Conclusion
Kitemill AS has made significant strides in developing and commercializing airborne wind energy technology since receiving the EIC funding in March 2024. The company's focus on scaling up its systems while improving efficiency and reliability positions it well for future growth in the renewable energy market.
Sources
- Kitemill
- Projects - Kitemill
- Kitemill takes wind energy to new heights - Business Norway
- First utility-scale airborne wind system launched by Kitemill
- Revolutionary company raises millions to advance kite-like wind ...
- Kitemill Prepares for 24-Hour Operation and Multi-Device ...
- AIRBORNE WIND ENERGY DEVELOPER KITEMILL RECEIVES €2.5M CASH BOOST FROM EIC
- Kitemill secures funding to finance 2024 tech advances
- Kitemill Secures €2.5 Million Funding from EIC to Accelerate Commercialization
5 The Partnerships and Customers
Kitemill AS: Recent Developments and Partnerships
Kitemill AS, a Norwegian company, has been at the forefront of innovation in the airborne wind energy (AWE) sector. Since receiving the EIC Accelerator funding in March 2024, Kitemill has continued to advance its technology and expand its partnerships.
Partnerships and Customers
Kitemill has associated itself with several key entities:
- Kongsberg Innovation AS: One of Kitemill's significant industrial partners, contributing to its strong ownership structure alongside other notable investors.
- Voss Sparebank: A local bank that has demonstrated strong faith in Kitemill's technology by investing in the company.
- Expanding Dreams: A Dutch investment vehicle that has provided substantial funding to Kitemill, marking a pivotal step in advancing its AWE solutions.
- Exact Aircraft: Kitemill acquired Exact Aircraft in 2023, integrating its expertise in kite building to enhance manufacturing capabilities and supply chains.
New Partners and Customers
- New Partnerships: Kitemill's acquisition of Exact Aircraft in 2023 has been a significant development, enhancing its capabilities in the kite building industry. Additionally, the investment from Expanding Dreams highlights growing confidence in Kitemill's technology.
- New Customers: While specific new customer names are not detailed in recent reports, Kitemill's strategic growth plan involves working with major utilities and energy companies, such as Voss Energi, to implement AWE systems.
Nature of New Relationships
The new relationships are aimed at driving innovation, expanding market reach, and enhancing manufacturing capabilities. Kitemill's partnership with Expanding Dreams and the acquisition of Exact Aircraft underscore its commitment to positioning itself at the forefront of the AWE industry.
Market Positioning
These partnerships and investments will position Kitemill AS as a leader in the AWE sector. By leveraging the expertise and resources from its new partnerships, Kitemill aims to accelerate the commercialization of its technology and expand its market presence.
Technology Advancements and Scaling
The relationships with Expanding Dreams and Exact Aircraft will significantly contribute to technology advancements by refining Kitemill's current models (KM1 and KM2) and enhancing manufacturing capabilities. This will enable Kitemill to scale its operations more efficiently and achieve large strides towards commercialization.
Sources
- Crowdfunding success of Kitemill
- Projects - Kitemill
- Kitemill takes wind energy to new heights - Business Norway
- Kitemill AS - AWETRAIN Doctoral Network
- Kitemill Drives Airborne Wind Energy Expansion - Industry Today
- Airborne Wind Energy developer Kitemill secures 2million ...
- Follow The Money: Kitemill Aims For Wind Energy From The Sky
- Expanding dreams invests in Kitemill
6 The Hiring and Company Growth
Kitemill AS: Team Growth and Developments
Kitemill AS, a Norwegian technology company specializing in airborne wind energy (AWE), has experienced significant growth and developments since receiving the EIC Accelerator funding in March 2024. Here is an overview of their current team status and recent developments:
Current Team Size
As of the latest available information, Kitemill employs 13 staff members and several advisors.Hiring and Team Growth
Kitemill has been strategically expanding its team to enhance development capabilities. Recently, they welcomed new engineers, including Nivetha and Oleksii, as part of a broader initiative to develop training activities in anticipation of future growth. Additionally, Torben Baun and Alfred van den Brink joined as co-CTOs, bringing invaluable expertise from Vestas and EWT, respectively.Current Hiring Status
While there is no explicit information about current job openings, Kitemill's expansion and focus on automation suggest potential opportunities for new hires.Growth and Scaling
The addition of new team members is crucial for Kitemill's future growth and operational scalability. By enhancing automation and process improvement, the company aims to solidify its market position in the renewable energy sector. The new co-CTOs' leadership will help Kitemill align with the utility-scale renewable energy market's critical needs.Key Positions and Impact
The hiring of Torben Baun and Alfred van den Brink as co-CTOs is particularly significant. Their experience will help advance Kitemill's position in the AWE sector and align its contributions with the needs of the utility-scale renewable energy market. New engineers, such as Nivetha and Oleksii, will contribute to the development and scalability of Kitemill's operations.Major Changes in Management
There have been no reported major changes in the founding team. However, the appointment of new co-CTOs indicates a strategic expansion of leadership to support future growthassistantSources: - Kitemill company information, funding & investors
- Kitemill
- Kitemill - Member of the World Alliance
- Revolutionary company raises millions to advance kite-like wind ...
- Kitemill AS
- Kitemill Limited - Company Profile
- How Many Employees Do You Really Need?
- About us - Kitemill
- Kitemill Operational Update: Key Developments and Team ...
7 The Media Features and Publications
Kitemill AS Media and Public Engagement Highlights Founded in 2008, Kitemill AS has emerged as a Norwegian leader in airborne wind energy (AWE), gaining visibility through media coverage, acquisitions, and strategic EU-funded projects. Below is a summary of the company’s public engagements and recognitions post-2024.Media Features and Publications
- BBC News: Featured Kitemill’s kite technology as an innovative method to generate electricity from high-altitude winds.
- EEPower: Highlighted Kitemill’s third acquisition (Exact Aircraft) in 2023, emphasizing its expansion into manufacturing bespoke aircraft components for AWE systems.
- CleanTechnica: Detailed a €2.5 million EU grant secured in July 2024 for the KM2 AWE project under the Horizon Europe program.
Podcasts and Interviews
No specific podcasts or interviews were identified in available sources. However, CEO Thomas Hårklau has been quoted extensively on technological milestones, including flight endurance records and funding achievements.Conference Participation and Events
While explicit event details are unavailable:- Lista Demonstration Facility: Hosted test flights for its KM1 system, including a record-breaking 500 km flight over five hours in May 2023. The site serves as a de facto showcase for investors and partners.
- EU Funding Milestones: Participation in Horizon Europe projects like AWETRAIN (Marie Skłodowska-Curie grant) suggests involvement in consortium events or academic collaborations.
Recent Developments Post-EIC Accelerator Win (March 2024)
Though direct links to EIC Accelerator activities are not disclosed:- KM2 Project Launch: Accelerated by €2.5 million from the EU to deploy next-generation AWE systems capable of higher energy yields at reduced costs.
- Crowdfunding Success: Earlier rounds closed oversubscribed (e.g., NOK 1 million oversubscription in January 2023), with new campaigns targeting private investments matched by EU “Blended Finance” programs up to €8 million.
Sources Used: Bullet List Format
```- Kitemill featured on BBC
- Airborne Wind Energy Tech Makes Market Inroads
- Kitemill breaks Airborne Wind Energy flight endurance record
- Follow The Money: Kitemill Aims For Wind Energy From The Sky
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