Ocean Ventus launches complete End-to-End solution for floating wind and explores potential for large-scale production facility in Norway.
As the world looks to expand offshore wind capacity to meet ambitious targets, Ocean Ventus AS is launching a new End-to-End solution to deliver cost-competitive power from floating wind. Offshore wind targets imply an 8x increase in installed capacity to 2030, with 32 GW of floating wind expected to be developed in the next decade. Floating wind is moving from the North Sea to global markets to serve the growing demand for renewable energy in areas with waters deeper than 60 meters.
However, foundations remain a bottleneck for the build-out of large-scale floating wind farms. Existing floating wind foundations are heavy, complicated, difficult to produce, and challenged by constrained supply chain capacity.
Ocean Ventus offers an End-to-End solution at low-cost for the floating wind market, from foundation production to transportation, assembly, and maintenance. The company’s efficient design, which saves up to 40% on steel costs and CO2 emissions, has now received Approval in Principle from DNV.
The Ocean Ventus floater can be mass manufactured using similar methods employed for monopile production, while modular construction allows for simplified transport on low-cost vessels. Assembly utilizes two purpose-built barges that can complete 50 floating units per location annually, minimizing use of quay space. Finally, the foundation is designed to work seamlessly with a patent-pending service vessel, enabling turbine maintenance offshore and eliminating the need to tow to shore.
To further reduce costs, Ocean Ventus plans to establish dedicated large-scale production facilities and is exploring the potential for a first factory in Norway. The factory will target production up to 50 structures per year and ramp up in 2028 for delivery to license rounds in key markets.
With its total End-to-End solution, Ocean Ventus is contributing to lower energy costs for consumers and improved investment terms for developers, while also allowing for significant local content in energy communities.
“Foundations are a key challenge to making floating wind cost competitive, and we believe that Ocean Ventus is uniquely positioned to address this challenge,” said Halvor Ribe, Chair of Ocean Ventus AS. “Our simple design, modular components, and industrialized process allow for serial production and significant cost savings. We are excited to bring this technology to market and support the growth of offshore wind in Norway and worldwide.”
Ocean Ventus has engaged Clarksons Securities AS, part of the Clarksons Group, to advise on financing and seek new strategic investors to support the growth of the company.
About Ocean Ventus
Ocean Ventus acquired the floater technology in 2022 from Cefront Technology, a highly experienced engineering company with proven track record from the oil & gas industry. This experience includes development and commercialization of the APL technology (currently owned by NOV), Sevan (currently owned by Sembcorp) and Sealoading (currently owned by Mitsui OSK Lines).
Ocean Ventus is majority-owned by AS Nymo, a long-standing EPC supplier to the offshore market. Nymo has contributed to the development of efficient fabrication, transport and assembly methods for Ocean Ventus. Together the founders of Ocean Ventus have a long track record of successful technology commercialization in maritime industries.