Principle Power and KIC InnoEnergy have entered a partnership which includes a EUR 4 million investment from KIC InnoEnergy in bringing Principle Power’s WindFloat to the market.
The partnership encompasses advanced technology development and commercialisation, including engineering, third party analysis and certification, business development and dissemination.
The project is scheduled to be completed in 2018, following a multi-year, multi-disciplinary programme.
A key area of focus for the project will be to further reduce the levelised cost of energy in offshore wind asset delivery, ensuring Principle Power and the WindFloat technology are in line with global price targets for commercial offshore wind projects.
In addition, the partnership leverages significant investments in complementary project development activities as part of the WindFloat Atlantic (WFA) project in Portugal, the companies said.
“This initiative fits very well with our main objective: to help bring innovation into the market,” added Mikel Lasa, CEO of KIC InnoEnergy Iberia. “In this particular case, we’re not only boosting the technological innovation, but making the business case feasible. With this project, Principle Power will make an important step towards the competitiveness of floating offshore wind energy.”