Aims to increase power generation from floating wind turbines tenfold

99 per cent of today's offshore wind farms are fixed to the seabed and located relatively close to shore, where the water is shallower. Further offshore, wind power offers significant potential, but the deeper the water, the more expensive offshore wind farms become. This is where Oceangrid's solution comes in.

'Our platform is designed to perform at its best in water depths of 50–300 metres,' says founder Bjarte Nordvik.

Nordvik believes it has combined the best of several established technologies in a way that will streamline the assembly and installation of floating offshore wind platforms.

'Our concept is based on assembling the platform primarily from two modules. We can join them together while afloat, without having to lift modules weighing several thousand tonnes on land. This means an offshore wind platform can be assembled in a couple of weeks, rather than the three to four months it takes today,' says Nordvik.

The platform, its mooring system and power cable have also been designed to minimise the installations' impact on the sea and seabed. This will help offshore wind developments, marine life and other marine industries coexist within the same area.

The founder trained as a marine engineer at the Royal Norwegian Naval Academy and served on submarines for several years.

- I more or less grew up in the 'wave zone', which has given me a deep interest in and respect for this field.

The project undoubtedly requires substantial capital and has a long development timeline. So far, the focus has been on setting up the project and beginning to verify the technology. Oceangrid has received grants from us for both market clarification and environmental technology.

- 'I don't think we would be where we are today without the early-stage support we received from Innovation Norway. We used the market clarification grant to assess the technology and the market, and then develop a realistic picture of how future floating offshore wind projects will progress from the design phase through assembly, installation and operation to decommissioning.'

'With support from the Environmental Technology Scheme, our goal now is to bring the solution to TRL 4–5,' says Nordvik.

In addition to our financial contribution, Nordvik also highlights the importance of having someone to discuss ideas with at an early stage.

- 'Our adviser has been a great source of support, giving us accurate and honest feedback. Among other things, he has helped guide us in the right direction.'

The founder also believes that our support has played an important role in attracting investors and business partners. And they have brought some impressive names on board.

- 'When you talk to investors, being able to show that you have received support from us is a mark of quality. We have secured four solid investors: Valinor, Mosvold Kapital, Zukunftige Werte and Fjord Base Holding. This gives us an energy company with industry expertise, partners who will handle construction and logistics, and a financial investor.'

If Oceangrid successfully verifies the concept through the environmental technology project, the next step is to apply for EU funding to build a pilot.

Our financial adviser Kjell Haganes at our Vestland office has no doubt that Oceangrid can achieve its goals.

- Developing offshore wind is expensive, especially floating offshore wind. This project has the potential to significantly reduce the cost per kilowatt generated. We are talking about a strong team that has brought good business partners on board, and that remains humble and listens to the advice it receives along the way.

Haganes also points out that the Norwegian authorities are calling for offshore wind solutions, and that Oceangrid's project is highly relevant in this context.

'For us, this is a dream customer,' says Haganes.