Monday, May 27, 2024

Octopus invests in floating foundations firm

Octopus Energy’s generation arm has made a strategic investment in Ocergy, a company dedicated to advancing the efficiency and accessibility of floating offshore wind farms worldwide.

Ocergy’s approach to designing and manufacturing floating foundations is deemed innovative by Octopus, significantly reducing both the time and cost involved in their construction. Headquartered in the US and with operations in France, Ocergy adopts a hyper-local supply chain approach, collaborating with local manufacturers and generating green jobs in the regions where the turbines are deployed.

Octopus highlights Ocergy’s lighter and modular designs as key to streamlining the transportation and assembly of turbine foundations at their intended locations. The company is already collaborating with numerous major developers on multiple gigawatts of projects, with the first foundations slated for installation by 2025/26.

Octopus’ investment will facilitate the commercialization of Ocergy’s technology, supporting the company’s rapid expansion into new markets. Additionally, it will bolster the development of Ocergy’s state-of-the-art environmental data and biodiversity monitoring system.

The investment is made through Vector, Octopus Energy’s offshore wind fund, launched in late 2021. This move aligns with Octopus’ broader mission to accelerate the global deployment of offshore wind energy, reducing reliance on fossil fuels and enhancing energy security.

Floating foundations are essential in regions where coastal waters are too deep for traditional seabed-fixed foundations. Given that approximately 80% of global offshore wind resources are situated in deep waters, the significance of this technology’s potential is underscored.

Governments worldwide have set ambitious targets for floating offshore wind, with the UK aiming for 5GW of capacity by 2030. Zoisa North-Bond, CEO of Octopus Energy Generation, emphasizes the importance of tech and innovation in driving the energy revolution, expressing confidence in Ocergy’s ability to expedite progress towards cleaner and greener energy systems globally.

Dominique Roddier, chief executive of Ocergy, added: “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 significant boost in the bankability of our projects as a result.”