Wind farms soon to float on the globe’s oceans and lakes are set to get cheaper and faster to build, following an investment today by Octopus Energy’s generation arm.
Investee company Ocergy is disrupting the floating offshore wind market with an innovative approach to designing and manufacturing floating foundations, drastically reducing their build cost and deployment time.
Headquartered in the US and with operations in France, Ocergy pioneers a hyper-local supply chain approach, working with local manufacturers and creating green jobs in the areas where the turbines are installed.
Further efficiencies are unlocked, says Octopus, through Ocergy’s lighter designs which make the turbine foundations easy to transport and assemble.
The green tech disruptor already works with over a dozen developers. Its first floating foundations are scheduled for installation from next year.
Octopus’ investment today, of undisclosed value, will help fuel the rapid expansion of Ocergy’s tech into new markets. Also benefiting is the US firm’s cutting-edge system for monitoring biodiversity and collecting environmental data related to floating turbines when in operation.
Vector, Octopus Energy’s £3 billion offshore wind fund launched late last year in partnership with Tokyo Gas, is making today’s investment.
It marks the latest milestone in the company’s plans to turbocharge the rollout of offshore wind globally to reduce the globe’s reliance on fossil fuels.
Floating foundations are used in areas where the seabed is too deep for conventional turbines to be fixed. Around 80% of global offshore wind resources are located in deep waters, according to the Global Wind Energy Council, thus underscoring this technology’s vast potential.
Governments across the globe have set ambitious targets for floating offshore wind. Britain alone is targeting 5GW of floating offshore capacity by 2030.
Octopus Energy Generation CEO Zoisa North-Bond said: “Tech and innovation are fuelling the energy revolution globally, and Octopus is always on the hunt for game-changing solutions.
“Ocergy’s ground-breaking approach has the power to slash the costs of floating offshore wind. With our investment, they will get there faster, paving the way for cleaner, greener energy systems across the globe.”
Ocergy CEO Dominique Roddier said: “We are incredibly enthusiastic about this collaboration.
“It will empower us to scale up our operations and concentrate on delivering both pre-commercial and large-scale floating offshore wind projects. There are lots of synergies between Octopus’ forward-thinking efforts in offshore wind and Ocergy’s accomplishments.”
The world’s biggest floating wind farm off Aberdeenshire was this week announced to have secured its final planning consent. The 560MW Green Volt venture, co-owned by Japanese-owned Flotation Energy and Norwegian energy company Vårgrønn is scheduled to be fully commissioned in 2029.
