KIC InnoEnergy is partnering with Principle Power to help bring the latter’s WindFloat offshore floating turbine project to commercialisation.
The deal involves a €4m investment from KIC InnoEnergy in the project and several aspects of advanced technology development and commercialisation, including engineering, third party analysis and certification, business development and dissemination.
The project is scheduled to conclude in 2018, following a multi-year, multi-disciplinary programme, the partners said.
“A key area of focus for the project will be to further reduce the levelised cost of energy in offshore wind asset delivery, ensuring Principle Power and the WindFloat technology are in line with global price targets for commercial offshore wind projects,” the company’s said.
The partnership will also leverage investments in complementary project development activities as part of the WindFloat Atlantic (WFA) project in Portugal.
The 25MW WFA project is scheduled for installation in late 2018 or 2019 and is backed by a consortium of major energy and industrial players.
They include: EDP Renewables, Trust Wind – a 50:50 JV between Engie and Marubeni – Chiyoda Corp, Mitsubishi Corporation and Repsol.
Principle Power president and chief executive officer João Metelo said: “As we move the WindFloat technology towards commercialisation, the support of partners such as KIC InnoEnergy is key.
“Their contribution is not limited to foresight and providing funding to drive innovation.
“The KIC InnoEnergy team also brings a wealth of industry expertise and can help us tremendously in setting a successful course for our business.”
Image: Principle Power