UK-based Kite Power Solutions (KPS) has started a £10m funding drive to support commercial development and deployment of its windpower technology in offshore waters.
KPS intends to deploy its patented 3MW power system in offshore waters for the first time by 2019.
The technology involves generation of windpower with the use of hi-tech flying kites. This KPS system involves two kites tethered with 500m to 750m long manmade fibres to a winch system that generates power as it spools out.
The kites are expected to reach speeds of up to 100mph in 20mph winds, which create tether tension and leads to spooling of the line from the drum that remains connected to an electricity generator.
KPS said that the technology is economical andoffers advantages of easier deployment and maintenance, free of government subsidies.
Kite Power Solutions founder and chief executive Bill Hampton said: "We will be able to compete with offshore wind and without subsidies by removing tonnes of steel from every MWh produced offshore.
"Quite simply, by removing the steel from clean energy you make it lighter per MW and thus cheaper, and with a lower carbon footprint."
The firm intends to deploy the technology at around £50/MWh by 2020, which is much lower than the current prices of around £140/MWh charged for offshore wind installations.