USA: Principle Power to Raise Funds for WindFloat

Principle Power Inc. is planning to raise funds to develop the WindFloat platform and bring it to market.

In order to pursue this goal the company intends to sell a stake. However, in a statement for Bloomberg, Principle Power Inc. CEO, Alla Weinstein, did not specify the amount in question.

Better wind speeds are available offshore compared to that on land that is the reason why many companies are planning to deploy offshore wind turbines.

“Floating wind platforms are potentially exciting because they would be cheaper to build and maintain than those anchored on the seabed and not necessarily limited to shallow water,” Kristian Rix, a Repsol spokesman said for Bloomberg.

In 2012, Principle Power deployed a floating foundation prototype with Vestas turbine off the Portuguese coast.

The turbine has generated 5,000 megawatt-hours of electricity so far.

[mappress]

Offshore WIND staff, June 06, 2013; Image: principlepowerinc