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Norwegians float with Principle

Aker Solutions takes initial 5% stake in WindFloat technology developer

Norwegians float with Principle image

Norwegian outfit Aker Solutions has taken an initial 5% stake in floating offshore wind technology company Principle Power.

The deal will see Aker Solutions' stake rise to 10% by the end of the year, with an option to increase it further at a later date.

Aker Solutions has a background in developing offshore oil and gas fields, particularly floating facilities. 

It said the partnership will help bring Principle Power's WindFloat technology to a “broader market”.

Aker Solutions chief executive Luis Araujo said: “We see a major opportunity in offshore floating wind where demand is growing in the transition to a low-carbon future.

“Combining our capabilities with Principle Power's technology will help advance floating solutions for offshore wind, reducing costs and risks for customers and spurring further growth in the sector.”

Principle Power CEO João Metelo said: “Partnering with Aker Solutions will strengthen our leading market position and accelerate the wider development of the offshore wind industry, with floating wind acting as a key industry enabler at a time when demand is increasing globally.”

Image: Principle Power

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