Triton Anchor Completes Seed Financing, Secures $3.5 Million in New Grant Funding, and Establishes a New European Subsidiary to Accelerate European Expansion and Offshore Wind Innovation

USA - English

• USA - English

CHELMSFORD, Mass., Dec. 16, 2024 /PRNewswire/ -- Triton Anchor is pleased to announce a series of significant milestones that strengthen the company's position in the offshore renewable energy sector:

• Successful completion of $2.2M Seed financing with a $1M cornerstone investment co-led by a Scottish-based family office with strong offshore energy connections;
• Selection for $3.5M in new non-dilutive grant funding that drives its market entry and accelerates key growth initiatives;
• Launch of Triton Anchor Europe (TAE) subsidiary, based in Scotland; and
• Appointment of an industry veteran with executive experience at a global leader in offshore wind to lead TAE.

These achievements demonstrate Triton Anchor's dedication to innovation in offshore anchoring systems and mark a pivotal step in the company's global expansion. With the establishment of Triton Anchor Europe, the company is uniquely positioned to address the growing demand for sustainable solutions in the offshore wind market, reinforcing its commitment to advancing the renewable energy transition worldwide.

Strategic Investment and Partnerships

The Seed round was co-led by MWNW Consulting Group, a distinguished organization celebrating 40 years of expertise in offshore construction and seabed intervention. Their involvement supports the establishment of Triton Anchor Europe (TAE) and reinforces Triton Anchor's commitment to delivering sustainable solutions in offshore wind energy. TAE specializes in developing high-uplift-capacity anchoring systems uniquely designed for the offshore wind sector, with applications across all offshore industries.  The Seed round was also supported by OS Impact Investment, Katapult Deep Ocean Blue Fund, the Massachusetts Clean Energy Center (MassCEC), and Triton Early Growth Fund.

TAE will be led by an energy industry veteran in Scotland with over a decade of experience at one of the global leaders in offshore wind energy. The company plans to formally announce this appointment in early Q1 2025. "We are excited about this addition to our leadership team, as the executive's expertise, paired with Triton Anchor's innovative technology, positions us to make a significant impact in the offshore energy sector." said Mike Wilson, founder of MWNW Consulting Group. "This investment reflects our belief in Triton Anchor's vision and technology. This new leadership will drive Triton Anchor Europe to deliver tailored solutions that meet the complex demands of the offshore wind market."

From new leadership, "I'm delighted to continue my journey in the offshore renewable energy sector as the new leader of TAE.  I'm very privileged to join such an experienced team with a proven track record of end-to-end delivery and value creation.  I truly believe this market disrupting technology will prove beneficial to lowering the cost of energy, creating local supply chains, and ultimately building a more sustainable future for all.  I look forward to realizing these goals for TAE and its shareholders."

MWNW & Rivtide

MWNW's investment aligns with its proven history of building and exiting successful ventures, including Ecosse Subsea Systems, which was acquired in 2018. MWNW's involvement adds valuable strategic and operational expertise to Triton Anchor's European expansion.

"Scotland has long been a recognized leader in the offshore energy sector and is now the leading epicenter of offshore wind for Europe and indeed the world.  Having a presence in Scotland, a partnership with MWNW, and leadership of TAE by an industry veteran, propels TAE to the forefront, as a solution provider in the rapidly growing offshore wind market and positively impacts the company's presence in Europe and ROW markets, where we have a pipeline of project opportunities." said Ross Haghighat, Managing Partner of Triton's early growth fund, co-leading the seed investment round.

Through its strategic partnership with MWNW Consulting Group, Triton Anchor gains access to extensive expertise in offshore construction and renewable energy innovation. This partnership also opens avenues for collaboration with RivTide, a pioneering company specializing in low-speed, high-flow tidal and river power generation. The technical synergies and common customer base between Triton Anchor and RivTide present unique opportunities to drive mutual growth, accelerate clean energy adoption, and enhance revenue potential. By leveraging MWNW's proven track record of building and exiting successful ventures, Triton Anchor is well-positioned to deliver impactful solutions in the European offshore wind market and beyond.

Expanding Into Europe

Europe is a global leader in the offshore wind market, and the establishment of Triton Anchor Europe reflects Triton Anchor's strategic focus on this critical region. With a robust $1.5 billion pipeline of global projects, including anchor installations planned for Scotland, Holland, and Portugal, Triton Anchor is poised to address significant market opportunities. By establishing operations in Aberdeen and Edinburgh, the company gains access to Europe's advanced offshore wind infrastructure, a highly skilled workforce, and regulatory incentives that support renewable energy innovation. This local presence strengthens Triton Anchor's ability to deliver innovative solutions to European developers and positions the company as a trusted partner in the rapidly growing offshore market. Key stakeholders include Scottish Economic Development and European Union groups.

Positioning for Global Growth

Triton Anchor's advanced anchoring systems are pivotal for supporting the renewable energy transition, offering scalable, sustainable solutions for offshore wind projects worldwide. By establishing a robust presence in Europe, the company is well-positioned to lead in the global offshore energy market. By combining cutting-edge technology with strategic partnerships, the company is positioned to address the increasing global demand for sustainable offshore solutions. The establishment of TAE serves as a launchpad for expanding the company's presence in key international markets.

About Triton Anchor

Triton Anchor is a leader in offshore anchoring systems, providing innovative solutions for the renewable energy sector. With a strong focus on sustainability and global growth, the company is dedicated to empowering the transition to clean energy through cutting-edge technology and strategic partnerships.

SOURCE Triton Anchor