Daily Newsletter

16 January 2024

Daily Newsletter

16 January 2024

OX2 submits permit application for 3.1GW Neptunus offshore wind hub

The project will produce between 13 and 15 terawatt hours (TWh) of electricity each year, meeting the needs of the Blekinge and Skåne regions.

Surya Akella January 16 2024

OX2 and Ingka Investments have filed an application to build Neptunus, a 3.1GW offshore energy hub offshore Blekinge, Sweden.

The Neptunus offshore wind project will be a significant energy hub with 207 wind turbines up to 420m in height, located 50km from the coast.

The project will produce 13–15TWh of electricity each year, meeting the needs of the Blekinge and Skåne regions.

The potential of the Neptunus project extends beyond wind power, as OX2 and Ingka Investments also seek to produce 370,000t of offshore hydrogen annually.

A pilot project is also proposed to utilise oxygen, a byproduct of hydrogen production, to oxygenate the Baltic Sea.

The developers hope to restore marine life in areas facing oxygen deficiency.

OX2 Sweden offshore wind development head Emelie Zakrisson stated: “The energy hub Neptunus is one of the first of the next-generation of wind farms. By producing renewable energy and hydrogen, Sweden will be able to secure energy for sectors that can’t be electrified.

“The oxygen from the hydrogen production can also be used to oxygenate the bottom water in the Baltic Sea and improve biodiversity.”

The project is in the early stages of development. Of its total capacity of 3.1GW, 1.9GW falls under OX2's project development portfolio, which totalled 34GW by the end of the third quarter of 2023.

OX2 and Ingka Investments have previously submitted applications for the development of six offshore wind projects in Sweden: Galene on the west coast, Triton and Neptunus in the south, Aurora between the islands of Öland and Gotland, and Pleione and Ran off the east coast of Gotland.

In May 2023, OX2 secured a permit for the construction of a 400MW offshore wind farm from the Swedish Government.

The permit was granted to build the northern part of the Galatea-Galene project, with 1.7GW of capacity.

Battery Energy Storage market dynamics

Per GlobalData, the market for battery energy storage is estimated to grow to $14.89 billion in 2027, driven by several factors including, the fall in battery technology prices and the increasing need for grid stability and resilience of the integration of renewable power in the power market. Lithium-ion has eclipsed lead-acid as the primary technology for battery storage deployment.

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