UK-based Octopus Energy, through its investment arm, has made an undisclosed investment in Ocergy, a US-based floating offshore wind technology company.
The companies anticipate that Ocergy's hyper-local supply chain and research capabilities will make floating offshore wind farms more affordable globally as a result of the deal.
Ocergy, which also has operations in France, is at the forefront of adopting a hyper-local supply chain strategy.
This approach involves collaborating with local manufacturers and fostering the creation of green jobs in the regions where the wind turbines are installed.
Its lighter and modular foundation designs are said to offer further efficiencies such as facilitating easier transportation and assembly of the turbine foundations at their intended locations.
The green technology company is already engaged with more than a dozen major developers across multiple gigawatts of projects, with plans to install the first foundations by the years 2025/26.
Octopus anticipates that its investment will support Ocergy's expansion into new areas in addition to aiding in the commercialisation of the company's technology.
Furthermore, it expects the investment to contribute to the growth of Ocergy's advanced environmental data and biodiversity monitoring systems.
Octopus Energy Generation CEO Zoisa North-Bond said: “Tech and innovation are fuelling the energy revolution globally, so we are 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.”
Ocergy CEO Dominique Roddier said: “At Ocergy we are incredibly enthusiastic about this collaboration with Octopus Energy Generation. 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 to date – and we foresee [a] significant boost in the bankability of our projects as a result.”
Floating foundations are particularly crucial for regions where the coastline depths make seabed-fixed foundations impractical.
With around 80% of the world's offshore wind resources located in deep waters, the potential for this technology is immense, the company said.
Last month, Octopus Energy's investment arm further expanded its renewable portfolio by acquiring a 50% stake in Lintas Green Energy, a German renewable energy company.
The investment is set to aid in the development of new wind and solar farms, aiming for a clean energy capacity of 1GW by 2030.
