Japanese shipping firm Mitsui OSK Lines (MOL) has invested in Odfjell Oceanwind, a floating offshore wind technology developer based in Norway.
MOL picked the stock in a private placement, becoming a strategic partner to the Norwegian firm.
Odfjell Oceanwind described the investment as significant, without revealing the exact amount, and stated that it will help further bolster its position in the floating wind technology space.
Through this investment, the company intends to expedite its plan to team up with developers of offshore wind to build and execute floating offshore wind farms based on its Deepsea technologies.
Odfjell Technology, along with the Odfjell family’s direct investment, will continue to be the largest shareholder.
Deepsea technology offers advantages including standardisation and Det Norska Veritas-approved designs for 15MW conventional offshore wind turbines to be deployed at multiple locations.
Another offshore wind foundation launched by Odfjell Oceanwind earlier in 2023 is Deepsea Star, a semisubmersible steel foundation. It has been selected for GoliatVIND and UtsiraVIND projects.
It is also being considered for projects such as INTOG and Scotwind and for global projects with a capacity of 50GW and a commercial operation date before 2035.
MOL’s investment follows Odfjell Oceanwind’s formation of the UtsiraVIND consortium with Source Galileo, Kansai Electric Power and Ingka Investments.
Odfjell Oceanwind CEO Per Lund stated: “MOL is a quality investor that perfectly complements our existing shareholders. Being one of the world’s largest shipping companies operating more than 800 ships, and with a rapidly increasing service portfolio relevant for floating offshore wind, MOL comes with valuable resources and experience that will be important to Odfjell Oceanwind in the time to come.
“The strong presence in the global market lends itself well to the stage Odfjell Oceanwind is in right now with a fast-growing international exposure.”
MOL wind power projects unit executive officer Masayuki Sugiyama stated: “We are delighted to join Odfjell Oceanwind as we see promising potential in their technology with rich history and background from Odfjell Drilling and Odfjell Technology.
“This strategic partnership perfectly matches with both companies’ culture, and we, as one of the shareholders, are fully committed to contributing to the acceleration of Odfjell Oceanwind’s ambition to be a global leader in floating offshore wind technologies.”
