Enterprise Europe Network

Opportunity to partnering in floating offshore wind investment in UK

Country of origin:
Country: 
SWEDEN
Opportunity:
External Id: 
BOSE20171031003
Published
31/10/2017
Last update
29/11/2017
Expiration date
29/11/2018

Keywords

Partner keyword: 
Wind energy
Wind energy
Investment groups
Production of electricity
EXPRESS YOUR INTEREST

Summary

Summary: 
A Swedish floating offshore wind power technology company is looking for investment partners in the UK. The company has developed a ground breaking, patented design for floating offshore wind power plants, which have the possibility to reach the cost level of onshore wind. The company is now seeking strategic and investment partners for a demo project in Scotland. The partnership types are financial agreement and/or joint venture agreement.

Description

Description: 

This is a Swedish company with its own proprietary technology for floating offshore wind power with head office in Sweden and a highly-experienced team of currently 15 persons.
The company and its founders have been doing research and developing the innovative technology for floating wind power, for almost a decade.
The company aims to deliver floating offshore wind power projects for the global market through active engagement throughout the value chain.
The company works with:
• Project Development
• Project Financing
• Project Delivery

Development of the first demonstration plant is already in progress which will include three units installed in two phases, the first unit is expected to be operational by the summer of 2019. A second demonstration project is also under development.

The company offers floating offshore wind power plants that reduces costs considerable, up to 50%, for renewable energy at sea. The company offers a plug and play concept with no fixed installations to the sea-bed except for anchors, which can be easily removed if required. The production, delivery and installation process is highly standardised which also leads to lower costs.

So far, the market for offshore wind power has been dominated by countries with shallow waters with less than 50 meters in depth. With increasing inaccessibility to suitable places for installation of fixed-bottom foundations and growing pressure on countries to decarbonize their energy portfolios, the interest for floating offshore wind is increasing. The potential for further development of floating wind power in Europe is vast.

The type of partnership considered is a joint venture and a financial agreement.
The partner’s role will be firstly to co-fund a demonstration project in Scotland and thus becoming an equity partner in the actual offshore wind power plant and secondly to become a long term strategic partner to the Company for the UK and perhaps other European markets.
The type of the partner is not strictly defined. However, it is crucial that the selected partner has a strong interest in investing in floating offshore wind power and a curiosity to explore further market opportunities together with the company.

Advantages & innovations

Cooperation plus value: 
The novelty of the company's concept lies foremost in its patented semi-submersible structure and in the integration of the various sub-systems, such as the foundation unit, buoy and anchoring system. The novel features can be summarized as follows: • Significant cost-reduction (50 %) by minimizing the weight. • A light weight semi-submersible structure, made possible with a patented design with two adjacent wind turbines mounted on one common floating construction and held stable with a third leg, a buoy where the distances in between these points are kept long. This allows for a 70 % reduction in weight. • The unit is of a plug and play concept and has eliminated the need for expensive special purpose lifting vessels. For major maintenance, the unit can be unplugged and brought back to shipyard for repair. • The plug and play concept enables easy coupling between the buoy and the floater, allowing for installation even in severe weather conditions. This is not feasible with competing solutions. • Standardized units to enhance cost reduction, delivery times, reliability and versatility

Technical Specification or Expertise Sought

Cooperation sought: 
The company seeks strategic partners to create a joint venture and fund an offshore project in Scotland. The main objective is currently the financing of the project. Due to the complex nature of such projects, it is also of interest that the partner has previous experience from offshore wind power projects and good relations to relevant authorities and politicians. The company’s business idea is to develop, sell, finance and deliver floating offshore wind power projects.

Stage of development

Cooperation stage dev stage: 
Field tested/evaluated

Partner sought

Cooperation area: 
The type of partnership considered is a joint venture and a financial agreement. The company is now seeking strategic and investment partners for a demo project in Scotland. This hopefully could lead to a long term partnership.