Aker Solutions has invested in floating wind power technology company Principle Power Inc.
Aker Solutions has experience in developing offshore oil and gas fields, with particular capabilities in floating facilities. The partnership will help bring Principle Power's technology – an innovative floating foundation for offshore wind turbines, known as WindFloat – to a broader market.
Now, Aker has acquired a 5% stake in the company. By the end of the year, Aker will increase this to 10%, with an option to increase ownership further at a later stage. The companies have not disclosed the value of the transaction.
WindFloat
Principle Power's WindFloat foundation allows wind turbines to be placed at offshore sites with some of the most abundant wind resources, irrespective of water depths. Installation, operation and maintenance of the WindFloat foundation lower the risks, costs and environmental impact compared with competing technology.
Offshore installed capacity for wind power is expected to more than double by 2022 from 2016 levels amid a global push to use fuels with lower carbon emissions following the 2015 Paris agreement to reduce carbon dioxide as a way to tackle climate change.
Watch a video about the WindFloat Prototype below.
