Global Growth - Offshore Wind South Korea

Norwegian version: Global Growth - Havvind i Sør-Korea

Great possibilities

South Korea will in near future develop to be one of the World’s biggest and interesting offshore wind markets. According to a recent report by 4C Offshore, South Korea is the World’s 3rd most interesting market for floating offshore wind, only surpassed by UK and Norway! South Korea’s ambition is to secure more than 19 GW installed wind capacity within 2030, of which more than 14 GW represents offshore wind. The planned installed capacity will almost double from 2030 to 2036 to 34 GW, of which nearly 27 GW counts for offshore wind.

In collaboration with Norwegian Offshore Wind (NOW) and Norwegian Energy Partners (NORWEP) we invite you to apply for participation in the Global Growth program for the South Korean offshore wind market. In direct alignment with the Norwegian ambition to deliver 10 percent of the global offshore wind needs by 2030, we will gather a select group of ambitious companies that have strategic export goals to seize the current opportunities in the South Korean market. By leveraging the whole of Team Norway’s network and capacity, this program will give a selected group of Norwegian companies access to unique arenas for meetings with key South Korean stakeholders.

Who should apply

Companies with relevant products and services for the South Korean offshore wind market, which have:

• a high level of ambition
• an export strategy rooted in the Board of Directors
• sufficient financial capacity
• resources and ability to scale

The program is focusing on floating offshore wind projects in Korea. Below, you will find the parts of the supply chain that have great potential for the Norwegian supplier industry taking into consideration Korean challenges as well as Norwegian expertise. However, the list is not exhaustive and therefore Norwegian companies working within other supply chain segments can apply for participation in our program.

Consulting and engineering services

• Metocean assessment
• Geological and hydrographical surveys
• Optimal cable routing
• FEED on major parts of the deliveries

Supply of core equipment and installation

• Floating lidar system
• Protective coating
• Dynamic cables
• Mooring systems
• Motion compensated systems (gangway and cranes)
• Floating structures including local assembly

Marine operations

• Offshore positioning and installation
• Offshore logistics
• Marine Warranty Survey

Operations and maintenance

• Digital solutions
• SOV/CSOV, CTV
• SCADA

What you get

The goal of the program aims to bring Norwegian expertise into the South Korean offshore wind industry, where there is a need for new solutions and innovative ideas - and therefore help your company to increase exports by making you better equipped to:

• understand opportunities and challenges in the market
• build required competence to work effectively in the South Korean offshore wind industry
• secure key drivers for competitiveness in the South Korean market
• receive help to map potential customers, partners and stakeholders
• be introduced to stakeholder organizations in the South Korean offshore wind market, including industrial clusters, regional and regulatory authorities, offshore wind farm developers and other potential customers
• pitch coaching sessions, consulting services and academic workshops on Teams

The program will be designed in collaboration between the steering group (Innovation Norway, NOW, NORWEP, Norwegian developers) and the participating companies based on the companies’ profile and needs.

Timeline

Application deadline: 31 May 2023

April-June: Interviews with applicants

15 June: Final decision on which companies will be invited to participate

27-28 June: Start-up (kick-off workshop)

Planned activities

Based on identified needs in the South Korean offshore wind market, the program consists of preparatory courses and gatherings in Norway and market visits to South Korea where we plan for meetings with key players in the South Korean offshore wind industry:

1. South Korea Market Day Session during Floating Wind Days. The market day will be organized 24 May in Haugesund.
2. Kick-off Workshop (physical): Get to know each other, definition of focus area and themes, needs and expectations. Introduction to the South Korean offshore wind market and Korean business culture plus pitch training sessions. The workshop will be organized 27-28 June. Place: Oslo.
3. Workshop: The workshop will be organized in the middle of September. Venue: TBD
   Meeting with Floating Offshore Wind project developers in South Korea (online).
   Preparations for the 1st market visit (physical).
4. 1st market visit to South Korea: Meetings, cooperation seminar and networking with relevant stakeholders in South Korea. The market visit will be arranged in the middle of October. This market visit to South Korea will be coordinated with the planned 2nd market visit to Japan as part of Global Growth program “Offshore Wind Japan”.
5. Workshop: Debrief and how to follow-up after 1st market visit plus preparation for second market visit (physical). The workshop will be arranged in the beginning of December 2023.
6. 2nd market visit to South Korea: workshops and targeted meetings with relevant stakeholders in South Korea. The market visit will be arranged in February/ March 2024.
7. Final workshop: follow-up after 2nd market visit and evaluation of the program and way forward (online). The workshop will be arranged in March 2024.
8. 1:1 deliveries – up to 10 hours of services provided by IN Seoul subject to the individual companies' needs/request (included in the participation fee).

Please, note that the time schedule for the different activities is subject to change.

Participation fee

SMEs: 30 000 NOK

Big companies: 60 000 NOK

The participating companies must in addition cover their own travel expenses.

Contacts

Main contact

Gunn Kim, Program Manager & Senior Market Advisor, Innovation Norway’s Seoul office, gunn.kim@innovationnorway.no, +82 10 3790 1344

Other contacts

Caroline Whittle, Business Development Manager, Norwegian Offshore Wind cw@norwegianoffshorewind.no, +47 456 01 885

Eirik Ellingsen, Director Offshore Wind, Norwegian Energy Partners, eirik.ellingsen@norwep.com, +47 412 55 529