NORWEGIAN COMPANY TO BUILD GIANT TURBINES

SWAY TURBINE Formed To Focus On Offshore Turbines
30 August 2010 (North American Windpower)

"SWAY AS, a wind turbine developer based in Bergen, Norway, has created a separate business entity, SWAY TURBINE. The main focus of the new company will be to build a prototype of and subsequently commercialize a 10 MW offshore wind turbine, designed for fixed as well as floating foundations.

"SWAY founder Eystein Borgen will be appointed CEO of SWAY TURBINE, while Michal Forland will replace Borgen as CEO of SWAY."

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"SWAY TURBINE is currently working on building a full-scale 10 MW test turbine outside Bergen. In February, ENOVA, a Norwegian state-owned fund, committed 137 million Norwegian kroner for the construction of the test turbine. SWAY TURBINE is in the process of raising 150 million Norwegian kroner in new equity from both new and existing owners.

"With SWAY TURBINE up and running, SWAY will continue working solely on its floating foundations for offshore wind turbines."