Renewable energy company Magnora has entered into an agreement with an undisclosed global offshore energy technology and service business to establish a joint floating wind company.
Magnora Floating Wind’s unnamed strategic partner has vast experience over many decades in all basins, water depths and weather conditions, according to the company.
It also has broad experience from unique technology, local procurement and content, mass fabrication, project management, construction and installation processes.
In addition, it is amongst the most experienced companies within hydrogen, E&P and floating wind market.
Magnora intends to disclose the identity of its partner “within a short time frame”.
Magnora will then also provide more information about the joint company and ongoing initiatives.
Executive chairman Torstein Sanness said: “Our joint capabilities will enable Magnora Floating Wind to become a leading player within the floating wind market.
“In addition, we believe the collaboration will be instrumental in bringing down the capital expenditure, increasing the revenue potential, and lowering the operating cost for floating wind going forward.”
Magnora Floating Wind has already commenced its operations and started work on the application for the ScotWind round in Scotland, UK.
In addition, the company will participate in the first offshore wind application round in Norway, which will open in 2021. Magnora Floating Wind will also consider entering new markets in the coming months.
Sanness added: “Magnora strongly believes in the electrification of the global economy.
“Norway has played a leading role within offshore technologies since the late 1960s, and Magnora and our partner bring together decades of combined knowledge regarding the development of profitable floating energy projects to new markets.
“We are already cooperating on several R&D initiatives to bring down lifecycle costs for floating wind.”