Renewable energy provider Octopus Energy is set to invest in California-based floating offshore wind firm Ocergy.
Ocergy designs and manufactures floating foundations for wind turbines, with its lighter and modular designs focused on enabling easier transport and assembly.
Describing Ocergy as a “tech disruptor”, Octopus said the US firm’s approach is “drastically reducing” the time and cost of building floating offshore wind farms.
Octopus said its investment will lead to floating offshore wind projects becoming “cheaper and faster to build”.
While Octopus did not disclose the value of its investment in Ocergy, The Wall Street Journal reported it to be between £8m to £24m.
© Supplied by Octopus EnergyThe investment is being made on behalf of Vector, the £3bn offshore wind fund Octopus launched last year alongside Tokyo Gas.
Octopus said the move will help commercialise Ocergy’s floating wind technology and “fuel the company’s rapid expansion into new markets”, including the US, UK, France, Norway, Italy, Japan and South Korea.
Ocergy is already working with “over a dozen major developers” across multiple GW projects, with its first foundations set to be installed by 2025/26.
Octopus did not disclose the developers due to commercial sensitivity, but said they are “all around the globe”.
In addition to its headquarters in the US, Ocergy has operations in France and Octopus said the company is “pioneering a hyper-local supply chain approach” in the areas where its turbines are installed.
Apart from its floating foundations, Ocergy also offers a zero-emission environmental and biodiversity monitoring buoy.
The OCG-Data buoy is equipped with an integrated SCADA system, lidar, video monitoring, radar, sonar, air and underwater sounds, and meteorological and physico-chemical sensors.
Ocergy to ‘slash costs’ of floating offshore wind
Announcing the investment, Octopus Energy Generation chief executive officer Zoisa North-Bond said: “Tech and innovation are fueling the energy revolution globally, so we’re always on the hunt for game-changing solutions that accelerate progress.
“Ocergy’s groundbreaking approach has the power to slash the costs of floating offshore wind – and with our investment they will get there faster, paving the way for cleaner, greener energy systems across the globe.”
© Supplied by Octopus EnergyOcergy chief executive officer Dominique Roddier said the investment will empower the company to scale up its operations and focus on delivering pre-commercial and large scale floating wind projects.
“There are lots of synergies between Octopus’ forward-thinking efforts in offshore wind and Ocergy’s accomplishments to date – and we foresee significant boost in the bankability of our projects as a result,” Ms Roddier said.
According to the Global Wind Energy Council, around 80% of the world’s offshore wind resources are located in waters too deep for fixed foundations.
A report found the global floating offshore wind pipeline grew 32% last year, with around 29,000 UK jobs predicted in the sector by 2050.
Floating offshore wind is also a key focus for UK Labour’s plans for a publicly owned clean energy company, with the party pledging to invest £8.3bn in the technology should it win the next general election.
The UK is targeting 5GW of floating wind capacity by 2030 as part of a 50GW overall offshore wind goal, but a recent report found few industry leaders believe these targets will be met.
Recommended for you
