British clean-technology company Kite Power Solutions is planning to raise £10m funds to support its kite wind power technology for offshore segment.
The technology uses two kites flown on a fiber tether, which is tied to a winch system that generates electricity as it spools out.
At flight speeds of up to 100mph, the tether tension causes the line to spool out from a drum that is connected to an electricity generator.
Kite Power Solutions founder and CEO Bill Hampton said: "We will be able to compete with offshore wind and without subsidies by removing tons 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.
"Conventional wind energy technology can’t go much further: turbines are getting larger and conversion efficiencies are the highest they’ve ever been."
The company claimed that its technology will help reduce the cost of offshore turbines by around 50%.
Kite plans to install its first 3MW power system in offshore waters by 2019.